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REGISTERED NUMBER: 09432863 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Mode Construction Ltd

Mode Construction Ltd (Registered number: 09432863)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Mode Construction Ltd (Registered number: 09432863)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £ £
Fixed assets
Tangible assets 5 571,744 163,772

Current assets
Debtors 6 229,652 713,204
Cash at bank 412,981 644,183
642,633 1,357,387
Creditors
Amounts falling due within one year 7 (544,741 ) (865,796 )
Net current assets 97,892 491,591
Total assets less current liabilities 669,636 655,363

Creditors
Amounts falling due after more than one
year

8

(70,708

)

-

Provisions for liabilities (67,877 ) (40,944 )
Net assets 531,051 614,419

Capital and reserves
Called up share capital 50 50
Retained earnings 531,001 614,369
531,051 614,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Mode Construction Ltd (Registered number: 09432863)

Balance Sheet - continued
29 February 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





Mr G W Lane - Director


Mode Construction Ltd (Registered number: 09432863)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. Statutory information

Mode Construction Ltd 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: 09432863

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Revenue is deferred and accrued where required depending on the stage of completion at the reporting date. Stage of completion is measured by the proportion of costs to date compared to the total anticipated costs on a contract.

Mode Construction Ltd (Registered number: 09432863)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Accounting policies - continued

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.
Plant and machinery - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 33% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Mode Construction Ltd (Registered number: 09432863)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 5 (2023 - 5 ) .

Mode Construction Ltd (Registered number: 09432863)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. Tangible fixed assets
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1 March 2023 - 70,734 153,200 31,778 255,712
Additions 309,166 112,542 263,751 7,202 692,661
Disposals - (45,780 ) (238,528 ) - (284,308 )
At 29 February 2024 309,166 137,496 178,423 38,980 664,065
Depreciation
At 1 March 2023 - 40,508 21,654 29,778 91,940
Charge for year - 13,745 27,096 1,041 41,882
Eliminated on disposal - (22,175 ) (19,326 ) - (41,501 )
At 29 February 2024 - 32,078 29,424 30,819 92,321
Net book value
At 29 February 2024 309,166 105,418 148,999 8,161 571,744
At 28 February 2023 - 30,226 131,546 2,000 163,772

6. Debtors: amounts falling due within one year
29.2.24 28.2.23
£ £
Trade debtors 223,399 707,706
Other debtors 6,253 5,498
229,652 713,204

7. Creditors: amounts falling due within one year
29.2.24 28.2.23
£ £
Hire purchase contracts 5,680 -
Trade creditors 264,877 367,965
Taxation and social security 42,825 149,378
Other creditors 231,359 348,453
544,741 865,796

Included within creditors less than one year £5,680 (2023: £Nil) are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year
29.2.24 28.2.23
£ £
Hire purchase contracts 70,708 -

Mode Construction Ltd (Registered number: 09432863)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. Creditors: amounts falling due after more than one year - continued

Included within creditors more than one year £70,708 (2023: £Nil) are secured against the assets to which they relate.

9. Other financial commitments

Operating lease commitments not included in the balance sheet amounted to £Nil (2023 - £1,921 ).

10. Related party disclosures

As at the balance sheet date the company owed its directors £144,546 (2023- £65,399 ), with net transactions of £79,147 (2023 - £30,282 ) taking place between the company and the directors.

There were no further transactions which require disclosure under FRS 102 Section 1A.