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REGISTERED NUMBER: 07676368 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Modern Leasing And Rentals Limited

Modern Leasing And Rentals Limited (Registered number: 07676368)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Modern Leasing And Rentals Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mrs K Alleyne-Gray





REGISTERED OFFICE: 7 High Ridge
Cuffley
Potters Bar
EN6 4JH





REGISTERED NUMBER: 07676368 (England and Wales)





ACCOUNTANTS: Thornton Springer LLP
Chartered Accountants
67 Westow Street
London
SE19 3RW

Modern Leasing And Rentals Limited (Registered number: 07676368)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 92,005 259,419
Investment property 6 1,119,642 1,119,642
1,211,647 1,379,061

CURRENT ASSETS
Debtors 7 99,950 135,576
Cash at bank 2,152 1,046
102,102 136,622
CREDITORS
Amounts falling due within one year 8 632,775 724,880
NET CURRENT LIABILITIES (530,673 ) (588,258 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

680,974

790,803

CREDITORS
Amounts falling due after more than one
year

9

(296,614

)

(359,639

)

PROVISIONS FOR LIABILITIES 10 (1,371 ) (10,538 )
NET ASSETS 382,989 420,626

CAPITAL AND RESERVES
Called up share capital 11 40 40
Retained earnings 12 382,949 420,586
SHAREHOLDERS' FUNDS 382,989 420,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Modern Leasing And Rentals Limited (Registered number: 07676368)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 March 2025 and were signed by:





Mrs K Alleyne-Gray - Director


Modern Leasing And Rentals Limited (Registered number: 07676368)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Modern Leasing And Rentals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the recognition of certain financial assets and liabilities measured at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement.

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.

Modern Leasing And Rentals Limited (Registered number: 07676368)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 68,976 861,379 930,355
Disposals - (784,317 ) (784,317 )
At 31 March 2024 68,976 77,062 146,038
DEPRECIATION
At 1 April 2023 - 670,936 670,936
Charge for year - 7,676 7,676
Eliminated on disposal - (624,579 ) (624,579 )
At 31 March 2024 - 54,033 54,033
NET BOOK VALUE
At 31 March 2024 68,976 23,029 92,005
At 31 March 2023 68,976 190,443 259,419

Modern Leasing And Rentals Limited (Registered number: 07676368)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 204,663
Disposals (135,000 )
Transfer to ownership (69,663 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 74,025
Eliminated on disposal (33,750 )
Transfer to ownership (40,275 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 130,638

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,119,642
NET BOOK VALUE
At 31 March 2024 1,119,642
At 31 March 2023 1,119,642

The investment property is valued annually by the directors on an open market existing use basis.

The historical cost of the investment property amount to £1,119,642 (2023 - £1,119,642).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,600 341
Other debtors 95,350 135,235
99,950 135,576

Modern Leasing And Rentals Limited (Registered number: 07676368)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,670
Hire purchase contracts - 68,391
Trade creditors 179 1,236
Taxation and social security 1,069 15,339
Other creditors 621,527 629,244
632,775 724,880

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 296,614 306,529
Hire purchase contracts - 53,110
296,614 359,639

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years by instalments 284,947 284,862

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 1,371 10,538

Deferred
tax
£   
Balance at 1 April 2023 10,538
Credit to Income Statement during year (9,167 )
Balance at 31 March 2024 1,371

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
40 ordinary £1 40 40

Modern Leasing And Rentals Limited (Registered number: 07676368)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. RESERVES
Retained
earnings
£   

At 1 April 2023 420,586
Deficit for the year (35,637 )
Dividends (2,000 )
At 31 March 2024 382,949

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mrs K Alleyne-Gray
Balance outstanding at start of year - 43,860
Amounts repaid - (43,860 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

P S Gray
Balance outstanding at start of year - 98,113
Amounts repaid - (98,113 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000 were paid to the directors .