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Registered number: 11758425
Mode Developments Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11758425
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 469 61
Investment Properties 5 274,999 191,999
275,468 192,060
CURRENT ASSETS
Debtors 6 5,526 2,117
Cash at bank and in hand 18,179 6,432
23,705 8,549
Creditors: Amounts Falling Due Within One Year 7 (25,300 ) (10,307 )
NET CURRENT ASSETS (LIABILITIES) (1,595 ) (1,758 )
TOTAL ASSETS LESS CURRENT LIABILITIES 273,873 190,302
Creditors: Amounts Falling Due After More Than One Year 8 (170,000 ) (170,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,180 ) (3,334 )
NET ASSETS 84,693 16,968
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 87,880 20,727
Profit and Loss Account (3,287 ) (3,859 )
SHAREHOLDERS' FUNDS 84,693 16,968
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Miss Kimberley Mountford
Director
Mr Christopher Mountford
Director
2 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mode Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11758425 . The registered office is 2nd Floor, Piccadilly House, 59 Piccadilly, Hanley, Stoke-on-Trent , ST1 1HR.
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. Turnover
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Revenue is earned from rental income.
2.3. 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:
Plant & Machinery 33% on Cost
Computer Equipment 33% on Cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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. The fair value is as per the director. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 February 2023 178 - 178
Additions - 696 696
As at 31 January 2024 178 696 874
Depreciation
As at 1 February 2023 117 - 117
Provided during the period 61 227 288
As at 31 January 2024 178 227 405
Net Book Value
As at 31 January 2024 - 469 469
As at 1 February 2023 61 - 61
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 191,999
Revaluations 83,000
As at 31 January 2024 274,999
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 167,939 167,939
Investment property is recognised at fair value represented by the above. The directors have considered the valuation of the investment properties and in their opinion the revalued amount is in the line with the open market value. Revaluation gains and losses are taken to profit and loss during the year and subsequently transferred to the fair value reserve, net of deferred tax.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,000 -
Prepayments and accrued income 2,526 2,117
5,526 2,117
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,310 -
Accruals and deferred income 14,707 540
Directors' loan accounts 4,810 6,294
Amounts owed to related parties 3,473 3,473
25,300 10,307
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 170,000 170,000
170,000 170,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 February 2023 20,727
Transfer to profit and loss 67,153
As at 31 January 2024 87,880
Page 5