2023-06-012024-05-312024-05-31false10206132MODERNA PROPERTIES 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MODERNA PROPERTIES LTD

Registered Number
10206132
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

MODERNA PROPERTIES LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

BUCKLEY, Karen Elena
BUCKLEY, Richard William

Registered Address

Chancery House
41a Hanger Hill
Weybridge
KT13 9XZ

Registered Number

10206132 (England and Wales)
MODERNA PROPERTIES LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4150224
Investments5655,000553,924
655,150554,148
Current assets
Cash at bank and on hand13,10912,871
13,10912,871
Creditors amounts falling due within one year(10,894)(20,824)
Net current assets (liabilities)2,215(7,953)
Total assets less current liabilities657,365546,195
Creditors amounts falling due after one year(595,000)(597,333)
Provisions for liabilities8(28,827)(4,153)
Net assets33,538(55,291)
Capital and reserves
Called up share capital22
Revaluation reserve122,93421,858
Profit and loss account(89,398)(77,151)
Shareholders' funds33,538(55,291)
The financial statements were approved and authorised for issue by the Board of Directors on 30 January 2025, and are signed on its behalf by:
BUCKLEY, Karen Elena
Director
Registered Company No. 10206132
MODERNA PROPERTIES LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Basis of preparation
The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The validity of this assumption depends on the continuing support of the company creditors to provide adequate financial support and by not seeking repayment of amounts owed to them. The directors have no reason to believe this support is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the going concern basis.
Current 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 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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment4
Investments
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs, and subsequently carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
2.Average number of employees

20242023
Average number of employees during the year22
3.Further information regarding the company's income
Other Income comprises revenue recognised by the company in respect of rental income, exclusive of Value Added Tax. Rental income is received one month in advance and is recognised over the period accrued.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 231,746
At 31 May 241,746
Depreciation and impairment
At 01 June 231,522
Charge for year74
At 31 May 241,597
Net book value
At 31 May 24150
At 31 May 23224
5.Fixed asset investments

Total

£
Cost or valuation
At 01 June 23553,924
Revaluations101,076
At 31 May 24655,000
Net book value
At 31 May 24655,000
At 31 May 23553,924
6.Revaluation of fixed asset investments
The 2024 valuations were made by the director on an open market value for existing use basis. If investment property had not been revalued it would have been included at historical cost of £532,066 (2023: £532,066).
7.Secured creditors
The following secured debts are included within creditors £512,745 (2023: £512,747).
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)28,8274,153
Total28,8274,153
9.Related party transactions
Mr and Mrs Buckley - directors and shareholders At the year end £91,649 (2023: £103,910) was owed to Mr and Mrs Buckley, and is included within Creditors within and after more than one year.