Company registration number 03316675 (England and Wales)
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
6,870
-
0
Tangible assets
5
5,988
7,256
12,858
7,256
Current assets
Debtors
6
38,415
33,170
Cash at bank and in hand
289,498
312,623
327,913
345,793
Creditors: amounts falling due within one year
7
(96,939)
(89,212)
Net current assets
230,974
256,581
Total assets less current liabilities
243,832
263,837
Provisions for liabilities
-
0
(1,421)
Net assets
243,832
262,416
Reserves
Income and expenditure account
243,832
262,416
Members' funds
243,832
262,416

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
K J Bell
Director
Company Registration No. 03316675
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Modes Users Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Sadler Bridge Studios, Bold Lane, Derby, United Kingdom, DE1 3NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income

Income is recognised at the fair value of the consideration received or receivable for goods and services supplied in the normal course of business, and is shown net of VAT.

 

Revenue from membership subscription and support is recognised evenly over the period of the contract. Income from training courses is recognised in the period the training is undertaken.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 5 years
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computer equipment
25% reducing balance
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company only has financial instruments that are classified as basic financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and subsequently at amortised cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price and subsequently measured at amortised cost. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

1.9
Taxation

 

Current tax

The tax currently payable is based on the taxable surplus for the year. The taxable surplus differs from the net surplus as reported in the income and expenditure account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

 

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 surpluses. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income and expenditure account.

MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2023
-
0
Additions
7,960
At 31 March 2024
7,960
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the year
1,090
At 31 March 2024
1,090
Carrying amount
At 31 March 2024
6,870
At 31 March 2023
-
0
5
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
2,550
21,735
24,285
Additions
-
0
690
690
At 31 March 2024
2,550
22,425
24,975
Depreciation and impairment
At 1 April 2023
1,687
15,342
17,029
Depreciation charged in the year
216
1,742
1,958
At 31 March 2024
1,903
17,084
18,987
Carrying amount
At 31 March 2024
647
5,341
5,988
At 31 March 2023
863
6,393
7,256
MODES USERS ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,393
25,891
Corporation tax recoverable
16
2,229
Prepayments and accrued income
9,006
5,050
38,415
33,170
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,311
406
Taxation and social security
9,184
9,218
Other creditors
1,269
2,364
Accruals and deferred income
85,175
77,224
96,939
89,212
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
10,485
16,204
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