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Company Registration Number: 08111479
 
 
Modern Life is Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023



Modern Life is Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Rasa Petkeviciute (Appointed 3 November 2023)
Michael McQuade (Appointed 2 November 2023)
Kimberley Fryers (Appointed 3 November 2023)
Nicholas Cottam (Resigned 3 November 2023)
Oliver Cottam (Resigned 3 November 2023)
 
 
Company Registration Number 08111479
 
 
Registered Office and Business Address 52 Canonbury Road
London
N1 2HS
England
 
 
Accountants Quarter
Chartered Accountants
St. Annes House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



Modern Life is Limited

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Modern Life is Limited
for the financial year ended 30 November 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2023 as set out on pages  to 12 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Modern Life is Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 30 November 2023 your duty to ensure that Modern Life is Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Modern Life is Limited. You consider that Modern Life is Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Modern Life is Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St. Annes House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
30 August 2024



Modern Life is Limited
Company Registration Number: 08111479
STATEMENT OF FINANCIAL POSITION
as at 30 November 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 6,748 8,103
───────── ─────────
 
Current Assets
Stocks 5 17,835 12,064
Debtors 6 15,530 -
Cash and cash equivalents 9,074 65,933
───────── ─────────
42,439 77,997
───────── ─────────
Creditors: amounts falling due within one year 7 (47,384) (74,318)
───────── ─────────
Net Current (Liabilities)/Assets (4,945) 3,679
───────── ─────────
Total Assets less Current Liabilities 1,803 11,782
 
Provisions for liabilities 9 (1,687) (2,542)
───────── ─────────
Net Assets 116 9,240
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 16 9,140
───────── ─────────
Equity attributable to owners of the company 116 9,240
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 30 August 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Michael McQuade     Kimberley Fryers
Director     Director
           



Modern Life is Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2023

   
1. General Information
 
Modern Life is Limited is a company limited by shares incorporated and registered in the England. The registered number of the company is 08111479. The registered office of the company is 52 Canonbury Road, London, N1 2HS, England which is also the principal place of business of the company. The Principal Activity is that of a Public House. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 10% Straight line
  Fixtures, fittings and equipment - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 8, (2022 - 8).
 
  2023 2022
  Number Number
 
Employees 8 8
  ═════════ ═════════
         
4. Property, plant and equipment
  Short Fixtures, Total
  leasehold fittings and  
  property equipment  
  £ £ £
Cost
At 1 December 2022 26,210 84,328 110,538
Additions - 793 793
  ───────── ───────── ─────────
At 30 November 2023 26,210 85,121 111,331
  ───────── ───────── ─────────
Depreciation
At 1 December 2022 26,069 76,366 102,435
Charge for the financial year 141 2,007 2,148
  ───────── ───────── ─────────
At 30 November 2023 26,210 78,373 104,583
  ───────── ───────── ─────────
Net book value
At 30 November 2023 - 6,748 6,748
  ═════════ ═════════ ═════════
At 30 November 2022 141 7,962 8,103
  ═════════ ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 17,835 12,064
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 2,382 -
Amounts owed by group undertakings 1,136 -
Other debtors 12,000 -
Directors' current accounts (Note 12) 12 -
  ───────── ─────────
  15,530 -
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts - 3,151
Trade creditors 3,825 15,619
Taxation  (Note 8) 36,558 51,064
Directors' current accounts - 1,322
Other creditors 2,084 2,747
Accruals:
Pension accrual 1,059 (1,129)
Other accruals 3,858 1,544
  ───────── ─────────
  47,384 74,318
  ═════════ ═════════
       
8. Taxation 2023 2022
  £ £
 
Creditors:
VAT 12,039 14,980
Corporation tax 22,252 9,570
PAYE / NI 2,267 26,514
  ───────── ─────────
  36,558 51,064
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 2,542 2,542 2,542
Charged to profit and loss (855) (855) -
  ───────── ───────── ─────────
At financial year end 1,687 1,687 2,542
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
         
11. Related party transactions
 
Transactions and balances with group company:
 
MLIL Holdings Limited
 
MLIL Holdings Limited owns 100% of Modern Life is Limited.  During the year net transactions between the 2 companies totalled £1,236. Therefore, as at 30th November 2023, Modern Life is Limited was owed £1,236 by MLIL Holdings Limited.
   
12. Directors' advances, credits and guarantees
 
During the financial year, the company made a loan to a directors amounting to £12. No interest is payable  and the loan is repayable on demand.
   
13. Parent company
 
The company regards MLIL Holdings Limited as its parent company.
 
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.