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Registered number: 11695539
Modus Consultancy Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
TaxAssist Ashford
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11695539
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,261 999
1,261 999
CURRENT ASSETS
Debtors 5 47,661 54,656
Cash at bank and in hand 6,895 6,036
54,556 60,692
Creditors: Amounts Falling Due Within One Year 6 (55,699 ) (61,267 )
NET CURRENT ASSETS (LIABILITIES) (1,143 ) (575 )
TOTAL ASSETS LESS CURRENT LIABILITIES 118 424
NET ASSETS 118 424
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 18 324
SHAREHOLDERS' FUNDS 118 424
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Aylott
Director
27/02/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Modus Consultancy Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11695539 . The registered office is C/O Taxassist Accountants Unit 1, Pluto House, 19-33 Station Road, Ashford, Kent, TN23 1PP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Reducing Balance Method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 1,925
Additions 682
As at 30 November 2023 2,607
Depreciation
As at 1 December 2022 926
Provided during the period 420
As at 30 November 2023 1,346
Net Book Value
As at 30 November 2023 1,261
As at 1 December 2022 999
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,254 25,747
Prepayments and accrued income 1,800 1,800
Corporation tax recoverable assets 7,483 6,445
Directors' loan accounts 22,124 20,664
47,661 54,656
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,284 1,316
Corporation tax 15,622 16,942
Other taxes and social security 551 171
VAT 6,132 7,228
Loan JA 32,110 35,610
55,699 61,267
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mrs Lorna Welbourn 19,096 - - - -
The above loan is unsecured, interest free and repayable on demand.
9. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 21,800 45,000
21,800 45,000
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