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Unaudited Financial Statements for the Year Ended 31 March 2024

for

Modality Group Limited

Modality Group Limited (Registered number: 08572788)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Modality Group Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs M A Stevenson
C Bowtell





REGISTERED OFFICE: Unit 56 Hayhill Industrial Estate
47 Hayhill
Barrow Upon Soar
Leicestershire
LE12 8LD





REGISTERED NUMBER: 08572788 (England and Wales)





ACCOUNTANTS: Peter Upton
Bridge House
2 Bridge Avenue
Maidenhead
Berkshire
SL6 1RR

Modality Group Limited (Registered number: 08572788)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 100,238 81,623
Investments 5 3,772 3,772
104,010 85,395

CURRENT ASSETS
Stocks 1,169,305 740,903
Debtors 6 1,161,740 1,122,608
Cash at bank 196,264 184,688
2,527,309 2,048,199
CREDITORS
Amounts falling due within one year 7 1,103,469 740,388
NET CURRENT ASSETS 1,423,840 1,307,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,527,850

1,393,206

CREDITORS
Amounts falling due after more than one year 8 (188,621 ) (232,772 )

PROVISIONS FOR LIABILITIES 9 (11,970 ) (13,892 )
NET ASSETS 1,327,259 1,146,542

CAPITAL AND RESERVES
Called up share capital 10 200 100
Retained earnings 11 1,327,059 1,146,442
SHAREHOLDERS' FUNDS 1,327,259 1,146,542

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 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.

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 Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:




Mrs M A Stevenson - Director


Modality Group Limited (Registered number: 08572788)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Modality Group Limited 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.

Turnover
Turnover 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.
Plant and machinery etc - 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 10 ) .

Modality Group Limited (Registered number: 08572788)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures Office &
Plant and and Motor sundry
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 260,587 50,683 23,999 16,253 351,522
Additions 47,160 2,940 - 4,109 54,209
At 31 March 2024 307,747 53,623 23,999 20,362 405,731
DEPRECIATION
At 1 April 2023 203,742 50,683 5,999 9,475 269,899
Charge for year 26,594 294 6,000 2,706 35,594
At 31 March 2024 230,336 50,977 11,999 12,181 305,493
NET BOOK VALUE
At 31 March 2024 77,411 2,646 12,000 8,181 100,238
At 31 March 2023 56,845 - 18,000 6,778 81,623

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 3,772
NET BOOK VALUE
At 31 March 2024 3,772
At 31 March 2023 3,772

Multi-Medix Inc is a wholly owned subsidiary of Modality Limited.

31.11.23 31.11.22
US$ US$
Reserves 500,916 660,802
Profit/(Loss) (78,443 ) (40,961 )

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 524,572 190,176
Other debtors 10,511 10,411
Owed by related parties 559,306 866,685
VAT 67,351 55,336
1,161,740 1,122,608

Modality Group Limited (Registered number: 08572788)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 28,533 10,000
Trade creditors 961,248 531,492
Tax 52,695 135,263
Social security and other taxes 10,686 6,726
Pensions 1,704 1,140
Other creditors 44,703 44,438
Accrued expenses 3,900 11,329
1,103,469 740,388

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 11,667 49,305
Bank loans - 2-5 years - 11,667
Intercompany - MMX Holdings 176,954 171,800
188,621 232,772

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 11,970 13,892

Deferred
tax
£   
Balance at 1 April 2023 13,892
Deferred tax (1,922 )
Balance at 31 March 2024 11,970

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary A shares £1 100 100
100 Ordinary B shares £1 100 -
200 100

100 Ordinary B shares shares of £1 each were allotted and fully paid for cash at par during the year.

11. RESERVES
Retained
earnings
£   

At 1 April 2023 1,146,442
Profit for the year 180,617
At 31 March 2024 1,327,059

Modality Group Limited (Registered number: 08572788)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Hodgson..