Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falseNo description of principal activity22falsetruefalse 11471335 2023-10-01 2024-09-30 11471335 2022-10-01 2023-09-30 11471335 2024-09-30 11471335 2023-09-30 11471335 c:Director1 2023-10-01 2024-09-30 11471335 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 11471335 d:FreeholdInvestmentProperty 2024-09-30 11471335 d:FreeholdInvestmentProperty 2023-09-30 11471335 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 11471335 d:CurrentFinancialInstruments 2024-09-30 11471335 d:CurrentFinancialInstruments 2023-09-30 11471335 d:Non-currentFinancialInstruments 2024-09-30 11471335 d:Non-currentFinancialInstruments 2023-09-30 11471335 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 11471335 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11471335 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 11471335 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 11471335 d:ShareCapital 2024-09-30 11471335 d:ShareCapital 2023-09-30 11471335 d:RevaluationReserve 2024-09-30 11471335 d:RevaluationReserve 2023-09-30 11471335 d:RetainedEarningsAccumulatedLosses 2024-09-30 11471335 d:RetainedEarningsAccumulatedLosses 2023-09-30 11471335 c:OrdinaryShareClass1 2023-10-01 2024-09-30 11471335 c:OrdinaryShareClass1 2024-09-30 11471335 c:OrdinaryShareClass1 2023-09-30 11471335 c:FRS102 2023-10-01 2024-09-30 11471335 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 11471335 c:FullAccounts 2023-10-01 2024-09-30 11471335 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11471335 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 11471335 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 11471335 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11471335










Modial Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
Modial Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Modial Ltd for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Modial Ltd for the year ended 30 September 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Modial Ltd, as a body, in accordance with the terms of our engagement letter dated 16 June 2022Our work has been undertaken solely to prepare for your approval the financial statements of Modial Ltd and state those matters that we have agreed to state to the Board of Directors of Modial Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Modial Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Modial Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Modial Ltd. You consider that Modial Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Modial Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
11 February 2025
Page 1

 
Modial Ltd
Registered number: 11471335

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
6,771,440
5,575,000

  
6,771,440
5,575,000

Current assets
  

Debtors: amounts falling due within one year
 5 
325,263
39,201

Cash at bank and in hand
  
2,728
4,685

  
327,991
43,886

Creditors: amounts falling due within one year
 6 
(21,274)
(251,781)

Net current assets/(liabilities)
  
 
 
306,717
 
 
(207,895)

Total assets less current liabilities
  
7,078,157
5,367,105

Creditors: amounts falling due after more than one year
 7 
(4,697,367)
(4,243,232)

Provisions for liabilities
  

Deferred tax
 8 
(553,136)
(254,386)

  
 
 
(553,136)
 
 
(254,386)

Net assets
  
1,827,654
869,487


Capital and reserves
  

Called up share capital 
 9 
1
1

Revaluation reserve
  
1,659,409
763,159

Profit and loss account
  
168,244
106,327

  
1,827,654
869,487


Page 2

 
Modial Ltd
Registered number: 11471335

Balance Sheet (continued)
As at 30 September 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
O Dorman
Director
Date: 10 February 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

The company is a private company, limited by share capital, incorporated in England, within the United Kingdom. The company's registered office address is 30 Waterfront, Brighton Marina Village, Brighton, England, BN2 5WA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company is dependant upon the support of its parent company Rivers Birtwell Limited. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. 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.

Page 4

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
2
2


4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
5,575,000


Additions at cost
1,440


Surplus on revaluation
1,195,000



At 30 September 2024
6,771,440

The 2024 valuations were made by the director, O Dorman, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
4,558,896
4,557,456

4,558,896
4,557,456

Page 6

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
325,263
-

Prepayments and accrued income
-
39,201

325,263
39,201



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
10,611
10,611

Trade creditors
8,863
5,796

Amounts owed to group undertakings
-
166,518

Amounts owed to related undertakings
-
61,240

Accruals and deferred income
1,800
7,616

21,274
251,781



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,697,367
4,243,232

4,697,367
4,243,232


The following liabilities were secured:

2024
2023
£
£



Bank Loans
4,686,037
4,221,775

4,686,037
4,221,775

Details of security provided:

Included within creditors is £4,686,037 which is secured by way of a legal mortage, provided by United Trust Bank Limited, over investment properties held by the company. The value of these properties at the end of the year was £6,771,440.

Page 7

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Deferred taxation




2024


£






At beginning of year
(254,386)


Charged to profit or loss
(298,750)



At end of year
(553,136)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(553,136)
(254,386)

(553,136)
(254,386)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £0.01 each
1
1


Page 8

 
Modial Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

10.


Related party transactions

Rivers Birtwell Limited
Parent company
During the year Rivers Birtwell Limited recharged management expenses of £51,000 (2023: £45,600) and recharged expenses of £5,162 (2023: £572) to Modial Limited. At the year end, Modial Ltd are owed £325,263 from (2023: owed £120,918 to) Rivers Birtwell Limited.
Rivers Birtwell Construction Limited
Fellow subsidary company
During the year Rivers Birtwell Construction Limited recharged expenses of £2,371 (2023: £20,034) to Modial Ltd. At the period end, Modial Ltd owed £Nil (2023: £Nil)  to Rivers Birtwell Construction Limited.
Charro Ltd
Fellow subsidary company
During the year Modial Ltd recharged expenses of £Nil (2023: £360) to Charro Ltd.
Rivers Birtwell Property Partnership
Directors are partners in the partnership
During the year Modial Ltd recharged expenses of £Nil (2023: £160) to Rivers Birtwell Property Partnership.  At the year end, Rivers Birtwell Property Partnership owed Modial Ltd £Nil (2023: £Nil).
Ardra Ltd
Common directors
During the year Ardra Ltd recharged expenses of £Nil (2023: £2,760) to Modial Ltd. At the year end, Modial Ltd owed £Nil (2023: £61,240) to Ardra Ltd.
Iculous Ltd
Common directors
During the year Modial Ltd recharged expenses of £Nil (2023: £360) to Iculous Ltd.
Big Student House Limited
Common directors
During the year Big Student House Limited charged agent fees of £47,292 (2023: £19,853) to Modial Limited. At the year end the balance due to Big Student House Limited was £Nil (2023: £Nil).
 


11.


Controlling party

The company is controlled by its parent undertaking, Rivers Birtwell Limited, registered office 30 The Waterfront, Brighton Marina Village, Brighton, BN2 5WA.
The ultimate controlling party is Birtwell & Dorman LLP, for which the directors G Birtwell and O Dorman are the only members. The registered office and principal place of business of Birtwell & Dorman LLP is 30 The Waterfront, Brighton Marina Village, Brighton, BN2 5WA.
 
The company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group financial statements.


Page 9