IRIS Accounts Production v24.3.0.553 10009215 Board of Directors 1.3.23 29.2.24 29.2.24 15/10/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh100092152023-02-28100092152024-02-29100092152023-03-012024-02-29100092152022-02-28100092152022-03-012023-02-28100092152023-02-2810009215ns15:EnglandWales2023-03-012024-02-2910009215ns14:PoundSterling2023-03-012024-02-2910009215ns10:Director12023-03-012024-02-2910009215ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2910009215ns10:SmallEntities2023-03-012024-02-2910009215ns10:Audited2023-03-012024-02-2910009215ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2910009215ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2910009215ns10:FullAccounts2023-03-012024-02-2910009215ns5:CurrentFinancialInstruments2024-02-2910009215ns5:CurrentFinancialInstruments2023-02-2810009215ns5:ShareCapital2024-02-2910009215ns5:ShareCapital2023-02-2810009215ns5:RetainedEarningsAccumulatedLosses2024-02-2910009215ns5:RetainedEarningsAccumulatedLosses2023-02-2810009215ns10:RegisteredOffice2023-03-012024-02-291000921512023-03-012024-02-2910009215ns5:PlantMachinery2023-02-2810009215ns5:ComputerEquipment2023-02-2810009215ns5:PlantMachinery2023-03-012024-02-2910009215ns5:ComputerEquipment2023-03-012024-02-2910009215ns5:PlantMachinery2024-02-2910009215ns5:ComputerEquipment2024-02-2910009215ns5:PlantMachinery2023-02-2810009215ns5:ComputerEquipment2023-02-2810009215ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2910009215ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: 10009215 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

Modulus Technology Limited

Modulus Technology Limited (Registered number: 10009215)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2


Modulus Technology Limited (Registered number: 10009215)

Balance Sheet
29 February 2024

2024 2023
as restated
Unaudited
Notes £ £
Fixed assets
Tangible assets 5 38,625 61,202

Current assets
Debtors 6 254,098 244,319
Cash at bank 6,704 10,312
260,802 254,631
Creditors
Amounts falling due within one year 7 (14,237 ) (13,805 )
Net current assets 246,565 240,826
Total assets less current liabilities 285,190 302,028

Provisions for liabilities (6,009 ) (14,765 )
Net assets 279,181 287,263

Capital and reserves
Called up share capital 100 100
Retained earnings 279,081 287,163
279,181 287,263

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 15 October 2024 and were signed on its behalf by:



Mr A P Darling - Director


Modulus Technology Limited (Registered number: 10009215)

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


1. Statutory information

Modulus Technology 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: 10009215

Registered office: Marine House
Marine Park
Gapton Hall Road
Great Yarmouth
Norfolk
NR31 0NB

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, excluding discounts, rebates, value added tax and other sales taxes.

The company provides equipment repairs both in the United Kingdom and worldwide. Turnover is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch 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.

Modulus Technology Limited (Registered number: 10009215)

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


3. Accounting policies - continued

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.

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.

Modulus Technology Limited (Registered number: 10009215)

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


3. Accounting policies - continued

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

Depreciation
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 20% on cost
Computer equipment - 25% on cost

4. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

Modulus Technology Limited (Registered number: 10009215)

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


5. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£ £ £
Cost
At 1 March 2023 143,331 1,369 144,700
Additions 15,649 - 15,649
Disposals (23,101 ) - (23,101 )
At 29 February 2024 135,879 1,369 137,248
Depreciation
At 1 March 2023 82,830 668 83,498
Charge for year 33,400 342 33,742
Eliminated on disposal (18,617 ) - (18,617 )
At 29 February 2024 97,613 1,010 98,623
Net book value
At 29 February 2024 38,266 359 38,625
At 28 February 2023 60,501 701 61,202

6. Debtors: amounts falling due within one year
2024 2023
as restated
Unaudited
£ £
Trade debtors 28,955 25,755
Amounts owed by group undertakings 225,143 218,120
Other debtors - 444
254,098 244,319

7. Creditors: amounts falling due within one year
2024 2023
as restated
Unaudited
£ £
Trade creditors 115 630
Taxation and social security 9,661 12,190
Other creditors 4,461 985
14,237 13,805

Modulus Technology Limited (Registered number: 10009215)

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


8. Disclosure under Section 444(5B) of the Companies Act 2006

The report of the Auditors was unqualified. The senior statutory auditor was Henry Pettitt FCA CTA
for and on behalf of Stephenson Smart (East Anglia) Limited.

9. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. Ultimate controlling party

The parent company and controlling party is AAE Technologies Ltd

The registered office of AAE Technologies Ltd is Marine House, Marine Park, Gapton Hall Road, Great Yarmouth, Norfolk, NR31 0NB. The group consolidated accounts are available from the Registrar of Companies.