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Registered number: 12573748
Modernwide Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12573748
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,457 5,632
2,457 5,632
CURRENT ASSETS
Debtors 5 2,288 51,453
Cash at bank and in hand 2,829 41,744
5,117 93,197
Creditors: Amounts Falling Due Within One Year 6 (19,248 ) (34,104 )
NET CURRENT ASSETS (LIABILITIES) (14,131 ) 59,093
TOTAL ASSETS LESS CURRENT LIABILITIES (11,674 ) 64,725
Creditors: Amounts Falling Due After More Than One Year 7 (450,147 ) (69,891 )
NET LIABILITIES (461,821 ) (5,166 )
CAPITAL AND RESERVES
Called up share capital 8 7,857 7,857
Share premium account 777,756 777,756
Profit and Loss Account (1,247,434 ) (790,779 )
SHAREHOLDERS' FUNDS (461,821) (5,166)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Gregory Gevorkyan
Director
16th September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Modernwide Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12573748 . The registered office is 25 Cabot Square, London, England, E14 4QZ.
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. Going Concern Disclosure
The financial statements have been prepared on the going concern basis which assumes the company will have sufficient cash to meet its obligations, as and when they become payable, for a period of at least 12 months from the date the financial statements were approved.
During the financial period the company incurred a pre tax loss of £456,655 following investment in the company’s technology and research and development.
The company's US parent Milly Works Inc have advanced loans of £ 380,256 during the year end 31st December 2023 which subsequently will converted to share capital.
The Directors believe that the company has adequate resources to continue in operational existence for the foreseeable future.
The financial statements do not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts and classification of liabilities that might be necessary should the company not continue as going concern.
2.3. 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.
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.
2.4. 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:
Fixtures & Fittings 3 Years
Computer Equipment 3 Years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Research and development
Expenditure on reserahc and development is written off in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 1,265 8,908 10,173
As at 31 December 2023 1,265 8,908 10,173
Depreciation
As at 1 January 2023 409 4,132 4,541
Provided during the period 391 2,784 3,175
As at 31 December 2023 800 6,916 7,716
Net Book Value
As at 31 December 2023 465 1,992 2,457
As at 1 January 2023 856 4,776 5,632
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 2,288 -
Other debtors - 8,966
Corporation tax recoverable assets - 41,770
VAT - 717
2,288 51,453
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 10,837 18,442
Bank loans and overdrafts 1,590 -
Other taxes and social security 11,026 8,441
VAT 380 -
Other creditors 9,773 5,421
Director's loan account (14,358 ) 1,800
19,248 34,104
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to group undertakings 450,147 69,891
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
785,712 Ordinary Shares of £ 0.01 each 7,857 7,857
Page 4