Company Registration No. 14269058 (England and Wales)
Modular Build Group Ltd
Unaudited accounts
for the year ended 31 August 2024
Modular Build Group Ltd
Unaudited accounts
Contents
Modular Build Group Ltd
Company Information
for the year ended 31 August 2024
Company Number
14269058 (England and Wales)
Registered Office
124 City Road
London
EC1V 2NX
England
Accountants
Janes Accounting Services Limited
9 Church Hams
Finchampstead
Wokingham
Berkshire
RG40 4XF
Modular Build Group Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
67,692
51,544
Cash at bank and in hand
12,475
6,512
Creditors: amounts falling due within one year
(275,599)
(151,089)
Net current liabilities
(191,515)
(99,096)
Total assets less current liabilities
(123,823)
(47,552)
Creditors: amounts falling due after more than one year
(33,038)
-
Provisions for liabilities
Deferred tax
(14,458)
(9,794)
Net liabilities
(171,319)
(57,346)
Called up share capital
1
1
Profit and loss account
(171,320)
(57,347)
Shareholders' funds
(171,319)
(57,346)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 April 2025 and were signed on its behalf by
Joley Thomas
Director
Company Registration No. 14269058
Modular Build Group Ltd
Notes to the Accounts
for the year ended 31 August 2024
Modular Build Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 14269058. The registered office is 124 City Road, London, EC1V 2NX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Computer equipment
20% reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Modular Build Group Ltd
Notes to the Accounts
for the year ended 31 August 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The directors have identified material uncertainties related to the ability of the company to pay its debts as they fall due. The company incurred a net loss of £113,973 during the year ended 31 August 2024 and, as of that date, the company’s current liabilities exceeded its total assets by £171,319. These conditions, cast significant doubt about the company's ability to continue as a Going Concern, however, the directors consider the going concern basis remains appropriate for the foreseeable future (limited to 12 months from the date of approval of these accounts) whilst the directors continue to seek solutions including but not limited to payment plans with its major creditors.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2023
64,057
374
64,431
Disposals
(15,757)
-
(15,757)
At 31 August 2024
93,976
374
94,350
At 1 September 2023
12,812
75
12,887
Charge for the year
17,477
60
17,537
On disposals
(3,766)
-
(3,766)
At 31 August 2024
26,523
135
26,658
At 31 August 2024
67,453
239
67,692
At 31 August 2023
51,245
299
51,544
Amounts falling due within one year
Trade debtors
23,267
21,326
Accrued income and prepayments
11,722
24,098
Modular Build Group Ltd
Notes to the Accounts
for the year ended 31 August 2024
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
20,394
-
Trade creditors
74,703
89,244
Taxes and social security
83,783
35,497
Other creditors
11,207
1,103
Loans from directors
-
982
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
33,038
-
8
Operating lease commitments
2024
2023
At 31 August 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
3,700
8,845
Later than one year and not later than five years
77,810
6,049
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Account
-
12,611
-
12,611
Loans to directors are interest free and repayable upon demand.
10
Average number of employees
During the year the average number of employees was 9 (2023: 10).