Company registration number:
12677245
Modernistiq (Layerthorpe) Ltd
Unaudited filleted abridged financial statements
31 October 2023
Modernistiq (Layerthorpe) Ltd
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Modernistiq (Layerthorpe) Ltd
Directors and other information
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Directors |
S. Wright |
(Resigned 4 June 2024) |
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M. Black |
(Resigned 9 January 2023) |
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J.C. Diaz-Sanchez |
(Appointed 9 January 2023) |
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Company number |
12677245 |
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Registered office |
Avenue HQ |
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10 - 12 East Parade |
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Leeds |
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LS1 2BH |
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Accountants |
Bostocks Boyce Welch |
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The Counting House |
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Tower Buildings |
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Wade House Road |
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Shelf |
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HX3 7PB |
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Modernistiq (Layerthorpe) Ltd
Abridged statement of financial position
31 October 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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1,824,202 |
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10,550,558 |
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Debtors |
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49,283 |
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195,609 |
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Cash at bank and in hand |
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114,131 |
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244,929 |
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_______ |
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_______ |
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1,987,616 |
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10,991,096 |
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Creditors: amounts falling due |
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within one year |
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(
20,536,608) |
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(
12,722,920) |
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_______ |
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_______ |
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Net current liabilities |
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(
18,548,992) |
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(
1,731,824) |
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_______ |
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Total assets less current liabilities |
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(
18,548,992) |
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(
1,731,824) |
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_______ |
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Net liabilities |
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(
18,548,992) |
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(
1,731,824) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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(
18,549,092) |
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(
1,731,924) |
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_______ |
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Shareholders deficit |
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(
18,548,992) |
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(
1,731,824) |
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_______ |
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_______ |
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
27 October 2024
, and are signed on behalf of the board by:
J.C. Diaz-Sanchez
Director
Company registration number:
12677245
Modernistiq (Layerthorpe) Ltd
Statement of changes in equity
Year ended 31 October 2023
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Called up share capital |
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Profit and loss account |
Total |
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£ |
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£ |
£ |
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At 1 November 2021 |
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100 |
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(
696,532) |
(
696,432) |
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Loss for the year |
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(
1,035,392) |
(
1,035,392) |
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_______ |
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Total comprehensive income for the year |
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- |
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(
1,035,392) |
(
1,035,392) |
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_______ |
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_______ |
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At 31 October 2022 and 1 November 2022 |
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100 |
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(
1,731,924) |
(
1,731,824) |
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Loss for the year |
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(
16,817,168) |
(
16,817,168) |
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Total comprehensive income for the year |
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- |
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(
16,817,168) |
(
16,817,168) |
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_______ |
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At 31 October 2023 |
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100 |
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(
18,549,092) |
(
18,548,992) |
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_______ |
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_______ |
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Modernistiq (Layerthorpe) Ltd
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avenue HQ, 10 - 12 East Parade, Leeds, LS1 2BH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, 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.
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.
4.
Controlling party
The company is a wholly owned subsidary of Modernistiq Group Ltd
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