Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-11-09false0false1true 14472745 2022-11-08 14472745 2022-11-09 2023-12-31 14472745 2022-01-01 2022-11-08 14472745 2023-12-31 14472745 c:Director1 2022-11-09 2023-12-31 14472745 d:OfficeEquipment 2022-11-09 2023-12-31 14472745 d:OfficeEquipment 2023-12-31 14472745 d:OfficeEquipment 2022-11-08 14472745 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-09 2023-12-31 14472745 d:CurrentFinancialInstruments 2023-12-31 14472745 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14472745 d:ShareCapital 2023-12-31 14472745 d:RetainedEarningsAccumulatedLosses 2023-12-31 14472745 c:OrdinaryShareClass1 2022-11-09 2023-12-31 14472745 c:OrdinaryShareClass1 2023-12-31 14472745 c:FRS102 2022-11-09 2023-12-31 14472745 c:AuditExempt-NoAccountantsReport 2022-11-09 2023-12-31 14472745 c:FullAccounts 2022-11-09 2023-12-31 14472745 c:PrivateLimitedCompanyLtd 2022-11-09 2023-12-31 14472745 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 14472745 2 2022-11-09 2023-12-31 14472745 e:PoundSterling 2022-11-09 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14472745









MODULO RESEARCH LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MODULO RESEARCH LTD
REGISTERED NUMBER: 14472745

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
2023
Note
£

Fixed assets
  

Tangible assets
 4 
557

Current assets
  

Debtors: amounts falling due within one year
 5 
37,911

Cash at bank
  
237

Current liabilities
  
38,148

Creditors: amounts falling due within one year
 6 
(12,359)

Net current assets
  
 
 
25,789

Total assets less current liabilities
  
26,346

Provisions for liabilities
  

Deferred tax
 7 
(139)

  
 
 
(139)

Net assets
  
26,207


Capital and reserves
  

Called up share capital 
 8 
10

Profit and loss account
  
26,197

  
26,207


Page 1

 
MODULO RESEARCH LTD
REGISTERED NUMBER: 14472745

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Dr G Recchia
Director

Date: 30 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Modulo Research Ltd is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. This Company is not part of a group.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company is only able to trade with the continuing support of privately funded grants, these grants have been agreed and will not be withdrawn whilst the the conditions continue to be met, the director has indicated there will be no issues with continuing to meet the conditions. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

NON-GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.7
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

CREDITORS

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.

 
2.11

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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the 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.

Page 5

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


EMPLOYEES




The average monthly number of employees, including directors, during the period was 1.

Page 6

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS







Office equipment

£



Cost


Additions
787



At 31 December 2023

787



Depreciation


Charge for the period on owned assets
230



At 31 December 2023

230



Net book value



At 31 December 2023
557



At 8 November 2022
-


5.


DEBTORS

31 December
2023
£


Accrued income
37,911



6.


CREDITORS: Amounts falling due within one year

31 December
2023
£

Trade creditors
234

Corporation tax
6,047

Other taxation and social security
899

Other creditors
1,878

Accruals
3,301

12,359


Page 7

 
MODULO RESEARCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


DEFERRED TAXATION




2023


£






Charged to profit or loss
(139)



At end of year
(139)

The deferred taxation balance is made up as follows:

31 December
2023
£


Accelerated capital allowances
(139)


8.


SHARE CAPITAL

31 December
2023
£
Allotted, called up and fully paid


10 Ordinary shares of £1.00 each
10


During the period, 10 Ordinary shares were issued and paid at par for cash consideration.


9.


RELATED PARTY TRANSACTIONS

During the period the Company operated a loan with the director of the Company. The amount payable to the director of the Company at the year end was £1,878. This loan is interest free and repayable on demand.


Page 8