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REGISTERED NUMBER: 11914232 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MODECE PROPERTY LTD

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODECE PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr M D Bell





REGISTERED OFFICE: Brambles Barn
Baylham
Ipswich
Suffolk
IP6 8JU





REGISTERED NUMBER: 11914232 (England and Wales)





ACCOUNTANTS: Twinn Accountants Limited
Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 194 260
Investment property 5 1,207,571 1,207,571
1,207,765 1,207,831

CURRENT ASSETS
Debtors 6 86,724 70,697
Cash at bank 22,653 27,168
109,377 97,865
CREDITORS
Amounts falling due within one year 7 378,079 369,269
NET CURRENT LIABILITIES (268,702 ) (271,404 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

939,063

936,427

CREDITORS
Amounts falling due after more than one
year

8

(548,301

)

(598,945

)

PROVISIONS FOR LIABILITIES (39,054 ) (33,347 )
NET ASSETS 351,708 304,135

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 117,005 122,715
Retained earnings 234,702 181,419
SHAREHOLDERS' FUNDS 351,708 304,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by:





Mr M D Bell - Director


MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Modece Property 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tools & equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rental and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Tools &
equipment
£   
COST
At 1 April 2023
and 31 March 2024 465
DEPRECIATION
At 1 April 2023 205
Charge for year 66
At 31 March 2024 271
NET BOOK VALUE
At 31 March 2024 194
At 31 March 2023 260

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,207,571
NET BOOK VALUE
At 31 March 2024 1,207,571
At 31 March 2023 1,207,571

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 106,007
Valuation in 2022 50,000
Cost 1,051,564
1,207,571

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,051,564 1,051,564

Investment property was valued on an open market value basis on 31 March 2024 by the director .

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 6,750 3,924
Prepayments 2,374 3,173
9,124 7,097

Amounts falling due after more than one year:
Amounts owed by group undertakings 77,600 63,600

Aggregate amounts 86,724 70,697

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,571 29,429
Corporation tax 17,576 13,803
Other creditors 10,600 11,683
Director's current account 294,392 295,452
Accruals and deferred income 24,940 18,902
378,079 369,269

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 31,719 30,571
Bank loans - 2-5 years 102,453 98,747
Bank loans more than 5 years 208,902 244,400
Amounts owed to group undertakings 205,227 225,227
548,301 598,945

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 208,902 244,400

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 373,645 403,147

The bank loan is secured on the investment property.

MODECE PROPERTY LTD (REGISTERED NUMBER: 11914232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023 122,715
Transfer from retained reserve (5,710 )

At 31 March 2024 117,005

11. RELATED PARTY DISCLOSURES

Modece Architects Ltd

A company in which Mr M D Bell is a director

2024 2023
£ £

Amount due to related party at the balance sheet date 205,227 225,227

Fox Yard Bar Ltd

A company in which Mr M D Bell is a director

2024 2023
£ £

Amount due from related party at the balance sheet date 77,600 63,600