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Registered number: 2376816









MODEREAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MODEREAL LIMITED
REGISTERED NUMBER: 2376816

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,784,005
1,784,005

  
1,784,005
1,784,005

Current assets
  

Debtors: amounts falling due within one year
 5 
673,528
673,528

Current asset investments
  
1,277,765
-

Cash at bank and in hand
 7 
845,574
2,037,563

  
2,796,867
2,711,091

Creditors: amounts falling due within one year
 8 
(883,814)
(869,879)

Net current assets
  
 
 
1,913,053
 
 
1,841,212

Total assets less current liabilities
  
3,697,058
3,625,217

  

Net assets
  
3,697,058
3,625,217


Capital and reserves
  

Called up share capital 
 9 
44
44

Capital redemption reserve
  
50
50

Other reserves
  
106
106

Profit and loss account
  
3,696,858
3,625,017

  
3,697,058
3,625,217


Page 1

 
MODEREAL LIMITED
REGISTERED NUMBER: 2376816
    
STATEMENT OF FINANCIAL POSITION (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 year 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 comprehensive income 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: 




................................................
S D Lawton
Director

Date: 15 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MODEREAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Modereal Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Units K1 and K2, Temple Court, Knight Road, Strood, Kent, ME2 2LT. The principal activity of the company during the year has been that of a property investment company.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive income on a straight-line basis over the lease term.

  
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

Page 3

 
MODEREAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

 
2.8

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.

 
2.9

Interest income

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

 
2.10

Taxation

Tax is recognised in Statement of Comprehensive Income 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
MODEREAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investment property

£



Cost or valuation


At 1 January 2023
1,784,005



At 31 December 2023
1,784,005






Net book value



At 31 December 2023
1,784,005



At 31 December 2022
1,784,005

Investment properties were acquired in 2017 and in 2022 and continue to be stated at cost. In the director's opinion, the fair values are unchanged at 31 December 2023.

Page 5

 
MODEREAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
800
800

Other debtors
671,866
671,866

Prepayments and accrued income
862
862

673,528
673,528



6.


Current asset investments

2023
2022
£
£

Unlisted investments
1,277,765
-

1,277,765
-



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
845,574
2,037,563

845,574
2,037,563



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
384
384

Corporation tax
21,633
10,585

Other creditors
861,797
858,910

883,814
869,879


Page 6

 
MODEREAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



33 Ordinary 'A' shares of £1.00 each
33
33
11 Ordinary 'B' shares of £1.00 each
11
11

44

44



10.


Related party transactions

Included in other creditors are amounts owed to the director totalling £477 (2022 - £477). 
Also included in other creditors due within one year is an amount owed to a related company with a common director and shareholder amounting to £861,320 
(2022: £858,433). The balance is interest-free and repayment on demand.
Included in other debtors due within one year are amounts due from related companies with a common director and shareholder amounting to £671,760 (2022: £671,760). The balance is interest-free and repayment on demand.


11.


Ultimate Parent Undertaking

The ultimate parent company is Rowhill Wood Investments Limited, a company incorporated in England and Wales.

 
Page 7