4 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05534126 2023-01-01 2023-12-31 05534126 2023-12-31 05534126 2022-12-31 05534126 2022-01-01 2022-12-31 05534126 2022-12-31 05534126 2021-12-31 05534126 bus:RegisteredOffice 2023-01-01 2023-12-31 05534126 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05534126 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 05534126 bus:Director1 2023-01-01 2023-12-31 05534126 core:FurnitureFittingsToolsEquipment 2022-12-31 05534126 core:FurnitureFittingsToolsEquipment 2023-12-31 05534126 core:WithinOneYear 2023-12-31 05534126 core:WithinOneYear 2022-12-31 05534126 core:ShareCapital 2023-12-31 05534126 core:ShareCapital 2022-12-31 05534126 core:RetainedEarningsAccumulatedLosses 2023-12-31 05534126 core:RetainedEarningsAccumulatedLosses 2022-12-31 05534126 bus:OrdinaryShareClass1 core:ShareCapital 2023-12-31 05534126 bus:OrdinaryShareClass1 core:ShareCapital 2022-12-31 05534126 core:DeferredTaxation 2023-01-01 2023-12-31 05534126 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05534126 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05534126 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05534126 core:FurnitureFittingsToolsEquipment 2022-12-31 05534126 core:DeferredTaxation 2022-12-31 05534126 core:DeferredTaxation 2023-12-31 05534126 bus:SmallEntities 2023-01-01 2023-12-31 05534126 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05534126 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05534126 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05534126 bus:FullAccounts 2023-01-01 2023-12-31 05534126 1 2023-01-01 2023-12-31
Modern Living Properties Limited
Filleted accounts
31 December 2023
Company registration number: 05534126
Modern Living Properties Limited
Directors and other information
Director G M El-Kassir
Company number 05534126
Registered office 7200 The Quorum
Oxford Business Park North
Oxford
OX4 2JZ
Accountants Cox Hinkins & Co Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Modern Living Properties Limited
Balance sheet
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 520 1,375
_______ _______
520 1,375
Current assets
Stocks 4,019 4,440
Debtors 6 1,235,081 1,419,873
Cash at bank and in hand 52,458 9,989
_______ _______
1,291,558 1,434,302
Creditors: amounts falling due
within one year 7 ( 1,129,793) ( 1,310,019)
_______ _______
Net current assets 161,765 124,283
_______ _______
Total assets less current liabilities 162,285 125,658
Provisions for liabilities 8 ( 99) ( 261)
_______ _______
Net assets 162,186 125,397
_______ _______
Capital and reserves
Called up share capital 10 1,000 1,000
Profit and loss account 161,186 124,397
_______ _______
Shareholders funds 162,186 125,397
_______ _______
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
G M El-Kassir
Director
Company registration number: 05534126
Modern Living Properties Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7200 The Quorum, Oxford Business Park North, Oxford, OX4 2JZ. There was no significant change in the company's principal activity during the year which continued to be the letting and management of property, including the procurement of furnishings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over 3 - 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st January 2023 and 31st December 2023 4,821 4,821
_______ _______
Depreciation
At 1st January 2023 3,446 3,446
Charge for the year 855 855
_______ _______
At 31st December 2023 4,301 4,301
_______ _______
Carrying amount
At 31st December 2023 520 520
_______ _______
At 31st December 2022 1,375 1,375
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 264,184 399,503
Other debtors 970,897 1,020,370
_______ _______
1,235,081 1,419,873
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 164,977 283,798
Social security and other taxes 26,097 54,112
Other creditors 938,719 972,109
_______ _______
1,129,793 1,310,019
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1st January 2023 261 261
Charges against provisions ( 162) ( 162)
_______ _______
At 31st December 2023 99 99
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 8) 99 261
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 99 261
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
11. Controlling party
The company is under the control of R E El-Kassir who owns 100% of the issued shares.