Registered number
14993589
MODERN & LUXURY LTD
Filleted Accounts
31 August 2024
MODERN & LUXURY LTD
Registered number: 14993589
Balance Sheet
as at 31 August 2024
Notes 2024
£
Fixed assets
Tangible assets 3 900
Current assets
Stocks 19,892
Debtors 4 1,484
Cash at bank and in hand 7,640
29,016
Creditors: amounts falling due within one year 5 (1,055)
Net current assets 27,961
Total assets less current liabilities 28,861
Creditors: amounts falling due after more than one year 6 (25,920)
Net assets 2,941
Capital and reserves
Called up share capital 100
Profit and loss account 2,841
Shareholders' funds 2,941
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
AHMED IBRAHIM
Director
Approved by the board on 2 January 2025
MODERN & LUXURY LTD
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,000
At 31 August 2024 1,000
Depreciation
Charge for the year 100
At 31 August 2024 100
Net book value
At 31 August 2024 900
4 Debtors 2024
£
Trade debtors 1,484
5 Creditors: amounts falling due within one year 2024
£
Taxation and social security costs 455
Other creditors 600
1,055
6 Creditors: amounts falling due after one year 2024
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 24,500
Other creditors 1,420
25,920
7 Controlling party
The company is under the control of the director, by virtue of them owning the fully issued share capital.
8 Other information
MODERN & LUXURY LTD is a private company limited by shares and incorporated in England. Its registered office is:
UNIT 7, FF CLIFFE PARK WAY
BRUNTCLIFFE ROAD
MORLEY
LEEDS
LS27 0RY
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