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Registered number: 05768704
Modular Distribution Systems Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 05768704
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 100,502 98,612
100,502 98,612
CURRENT ASSETS
Stocks 185,394 171,722
Debtors 5 102,790 203,352
Cash at bank and in hand 289,637 333,505
577,821 708,579
Creditors: Amounts Falling Due Within One Year 6 (284,163 ) (402,350 )
NET CURRENT ASSETS (LIABILITIES) 293,658 306,229
TOTAL ASSETS LESS CURRENT LIABILITIES 394,160 404,841
Creditors: Amounts Falling Due After More Than One Year 7 - (21,360 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,542 ) (16,959 )
NET ASSETS 379,618 366,522
CAPITAL AND RESERVES
Called up share capital 8 105 105
Other reserves 3 3
Income Statement 379,510 366,414
SHAREHOLDERS' FUNDS 379,618 366,522
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Page 2
For the year ending 30 April 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 Income Statement.
On behalf of the board
Mr R J Lee
Director
23 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Modular Distribution Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05768704 . The registered office is Larch House, 75 Perry Road, Huntingdon, Cambridgeshire, PE19 5XG.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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2.6. 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 32,554 828,687 6,000 125,154 992,395
Additions - 24,030 - - 24,030
As at 30 April 2024 32,554 852,717 6,000 125,154 1,016,425
Depreciation
As at 1 May 2023 32,554 734,197 5,971 121,061 893,783
Provided during the period - 20,855 12 1,273 22,140
As at 30 April 2024 32,554 755,052 5,983 122,334 915,923
...CONTINUED
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Net Book Value
As at 30 April 2024 - 97,665 17 2,820 100,502
As at 1 May 2023 - 94,490 29 4,093 98,612
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,115 161,848
Other debtors 43,675 41,504
102,790 203,352
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 150,848 176,340
Other loans 21,360 61,998
Other creditors 45,096 85,087
Taxation and social security 66,859 78,925
284,163 402,350
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans - 21,360
- 21,360
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
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9. Related Party Transactions
During the year the company purchased services from Perry Road Studios Limited, a company in which Mr RJ Lee and Mrs GM Lee are directors and shareholders. These transactions totalled £13,750 (2023 - £12,500) and were at arms length.
During the year the company sold goods to Modular Production Systems Limited, a company controlled by Mr RJ Lee. These transactions amounted to £Nil (2023 - £6,032).
At the reporting date the company owed Modular Production Systems Limited £Nil (2023 - £25,000). This amount is included within creditors due within one year.
At the reporting date Mr RJ Lee was owed £13,326 (2023 £22,570) by the company. This amount is included within creditors due within one year.
At the reporting date the company owed the directors executive pension schem £21,360 (2023 - £61,998 due within one year and £Nil (2023 - 21,360) due after one year. The loan was advanced by the pension scheme on normal commercial terms.
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr RJ Lee by virtue of his ownership of 51% of the issued share capital in the company.
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