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Company No: 06944501 (England and Wales)

MODUS LABORATORIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MODUS LABORATORIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MODUS LABORATORIES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MODUS LABORATORIES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTOR Dr R Willson
SECRETARY Mrs M Willson
REGISTERED OFFICE 1 Davy Road
Derriford
Plymouth
Devon
PL6 8BX
Plymouth
United Kingdom
COMPANY NUMBER 06944501 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
MODUS LABORATORIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MODUS LABORATORIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 31,610 43,696
Investments 5 10,969 9,174
42,579 52,870
Current assets
Stocks 5,000 5,000
Debtors 6 127,966 44,749
Cash at bank and in hand 523,039 626,571
656,005 676,320
Creditors: amounts falling due within one year 7 ( 63,512) ( 153,459)
Net current assets 592,493 522,861
Total assets less current liabilities 635,072 575,731
Provision for liabilities ( 7,903) ( 8,064)
Net assets 627,169 567,667
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 626,169 566,667
Total shareholder's funds 627,169 567,667

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Modus Laboratories Limited (registered number: 06944501) were approved and authorised for issue by the Director on 21 March 2025. They were signed on its behalf by:

Dr R Willson
Director
MODUS LABORATORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MODUS LABORATORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Modus Laboratories Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Davy Road, Derriford, Plymouth, Devon, PL6 8BX, Plymouth, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents net invoiced sales of services excluding value added tax. Turnover is recognised when the company obtains the right to consideration.

Taxation

Current tax
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

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
depreciated over the life of the lease
Tools and equipment 25 % reducing balance
Computer equipment 3 years straight line
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Dividends of £60 per ordinary share were paid during the year 60,000 55,000

4. Tangible assets

Leasehold improve-
ments
Tools and equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 30,450 196,897 28,592 255,939
Additions 0 3,380 0 3,380
At 31 March 2024 30,450 200,277 28,592 259,319
Accumulated depreciation
At 01 April 2023 25,375 158,633 28,235 212,243
Charge for the financial year 5,075 10,034 357 15,466
At 31 March 2024 30,450 168,667 28,592 227,709
Net book value
At 31 March 2024 0 31,610 0 31,610
At 31 March 2023 5,075 38,264 357 43,696

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 9,174 9,174
Movement in fair value 1,795 1,795
At 31 March 2024 10,969 10,969
Carrying value at 31 March 2024 10,969 10,969
Carrying value at 31 March 2023 9,174 9,174

The fair value of listed investments was determined with reference to the quoted market price at the reporting date.

6. Debtors

2024 2023
£ £
Trade debtors 122,580 0
Prepayments 715 0
Corporation tax 2,049 42,163
Other debtors 2,622 2,586
127,966 44,749

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 2,832
Amounts owed to director 36,290 136,034
Accruals 2,800 2,470
Other taxation and social security 18,359 8,016
Other creditors 6,063 4,107
63,512 153,459

8. Financial commitments

Other financial commitments

2024 2023
£ £
Minimum lease payments under non-cancellable operating leases - within one year 17,024 8,205
Minimum lease payments under non-cancellable operating leases - between one and five years 28,275 0
45,299 8,205