Registered number
SC582597
Modu Project Services Ltd
Filleted Accounts
30 November 2023
Modu Project Services Ltd
Registered number: SC582597
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,501 20,521
Current assets
Stock and work in progress 31,460 -
Debtors 4 648 -
Cash at bank and in hand 698,982 458,779
731,090 458,779
Creditors: amounts falling due within one year 5 (242,095) (135,806)
Net current assets 488,995 322,973
Total assets less current liabilities 522,496 343,494
Provisions for liabilities (5,155) (3,293)
Net assets 517,341 340,201
Capital and reserves
Called up share capital 2 2
Profit and loss account 517,339 340,199
Shareholders' funds 517,341 340,201
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Laing
Director
Approved by the board on 7 August 2024
Modu Project Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at the following rates:-
Computer equipment over 3 years
Plant and machinery over 3 years
Motor vehicles 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 13,836 43,391 57,227
Additions 3,752 20,750 24,502
At 30 November 2023 17,588 64,141 81,729
Depreciation
At 1 December 2022 10,109 26,597 36,706
Charge for the year 4,428 7,094 11,522
At 30 November 2023 14,537 33,691 48,228
Net book value
At 30 November 2023 3,051 30,450 33,501
At 30 November 2022 3,727 16,794 20,521
4 Debtors 2023 2022
£ £
Other debtors 648 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 763 2,500
Taxation and social security costs 232,419 125,606
Other creditors 8,913 7,700
242,095 135,806
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
T Laing
Directors loan account 7,700 (63,026) 63,826 8,500
D Laing
Directors loan account - (55,000) 55,413 413
7,700 (118,026) 119,239 8,913
7 Controlling party
The company is controlled by its Directors.
8 Other information
Modu Project Services Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
13b2 Balmakeith Industrial Estate
Nairn
Scotland
IV12 5QW
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