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REGISTERED NUMBER: 13062190 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MODUS ONLINE LIMITED

MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,150 2,150
Tangible assets 5 458,090 368,396
460,240 370,546

CURRENT ASSETS
Debtors 6 190,793 42,136
Cash at bank 447,277 347,649
638,070 389,785
CREDITORS
Amounts falling due within one year 7 364,923 245,831
NET CURRENT ASSETS 273,147 143,954
TOTAL ASSETS LESS CURRENT LIABILITIES 733,387 514,500

PROVISIONS FOR LIABILITIES 8 100,872 59,621
NET ASSETS 632,515 454,879

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 632,415 454,779
SHAREHOLDERS' FUNDS 632,515 454,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:




J Thame - Director



G Noble - Director


MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Modus Online Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13062190

Registered office: 4 Office Village
Forder Way
Cygnet Park
Peterborough
Cambridgeshire
PE7 8GX

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 20 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 2% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 33% on cost

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £64,534 (2022 - £11,258). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 3 ) .

MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 2,150
NET BOOK VALUE
At 31 December 2023 2,150
At 31 December 2022 2,150

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 410,347
Additions 145,947
At 31 December 2023 556,294
DEPRECIATION
At 1 January 2023 41,951
Charge for year 56,253
At 31 December 2023 98,204
NET BOOK VALUE
At 31 December 2023 458,090
At 31 December 2022 368,396

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 140,405 -
Other debtors 50,388 42,136
190,793 42,136

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 83,084 135,251
Taxation and social security 193,318 95,155
Other creditors 88,521 15,425
364,923 245,831

MODUS ONLINE LIMITED (REGISTERED NUMBER: 13062190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 100,872 59,621

Deferred
tax
£   
Balance at 1 January 2023 59,621
Provided during year 41,251
Balance at 31 December 2023 100,872

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J Thame
Balance outstanding at start of year (2,362 ) (11,000 )
Amounts advanced 85,045 68,638
Amounts repaid (145,000 ) (60,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (62,317 ) (2,362 )

G Noble
Balance outstanding at start of year - -
Amounts advanced 146,788 60,000
Amounts repaid (145,000 ) (60,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,788 -

The above overdrawn amounts were repaid to the company within nine months of the year end and subject to interest.

The above credit amounts are unsecured, repayable on demand and interest-free.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £290,000 (2022 - £120,000) were paid to the directors .

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party. The shareholding is split 50:50 between J Thame and G Noble.