Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Dr Bridget Ruth Glaysher 03/05/2018 Cordelia Anne Lennon 25/01/2017 Dr Neil Andrew Stewart 01/01/2020 09 April 2025 The principal activity of the Company is research and technological development management. SC555652 2024-07-31 SC555652 bus:Director1 2024-07-31 SC555652 bus:Director2 2024-07-31 SC555652 bus:Director3 2024-07-31 SC555652 2023-07-31 SC555652 core:CurrentFinancialInstruments 2024-07-31 SC555652 core:CurrentFinancialInstruments 2023-07-31 SC555652 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC555652 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC555652 core:OtherPropertyPlantEquipment 2023-07-31 SC555652 core:OtherPropertyPlantEquipment 2024-07-31 SC555652 2023-08-01 2024-07-31 SC555652 bus:FilletedAccounts 2023-08-01 2024-07-31 SC555652 bus:SmallEntities 2023-08-01 2024-07-31 SC555652 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC555652 bus:CompanyLimitedByGuarantee 2023-08-01 2024-07-31 SC555652 bus:Director1 2023-08-01 2024-07-31 SC555652 bus:Director2 2023-08-01 2024-07-31 SC555652 bus:Director3 2023-08-01 2024-07-31 SC555652 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-08-01 2024-07-31 SC555652 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-08-01 2024-07-31 SC555652 2022-08-01 2023-07-31 SC555652 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: SC555652 (Scotland)

MODUS RESEARCH AND INNOVATION LIMITED

(A COMPANY LIMITED BY GUARANTEE)

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

MODUS RESEARCH AND INNOVATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

MODUS RESEARCH AND INNOVATION LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
MODUS RESEARCH AND INNOVATION LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 802 3,496
802 3,496
Current assets
Debtors 4 264,131 53,774
Cash at bank and in hand 5 191,299 1,373,186
455,430 1,426,960
Creditors: amounts falling due within one year 6 ( 114,024) ( 1,156,530)
Net current assets 341,406 270,430
Total assets less current liabilities 342,208 273,926
Net assets 342,208 273,926
Reserves
Profit and loss account 342,208 273,926
Total reserves 342,208 273,926

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Modus Research And Innovation Limited (registered number: SC555652) were approved and authorised for issue by the Board of Directors on 09 April 2025. They were signed on its behalf by:

Dr Bridget Ruth Glaysher
Director
MODUS RESEARCH AND INNOVATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
MODUS RESEARCH AND INNOVATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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 Research And Innovation Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit D Tayside Software Centre Gemini Crescent, Dundee Technology Park, Dundee, DD2 1TY, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue is recognised on the accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, 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:

Plant and machinery etc. 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Research and development expenditure

The company takes advantage of the incentives offered under the UK's Research and Development Expenditure Credit (RDEC) regime to claim a credit for the company's significant expenditure on qualifying research and development. As enacted in the Finance Act 2020, the credit due to the company is equal to 20% of the company's qualifying expenditure. The company continues to utilise the additional benefits from the scheme in light of the company's commitment to its innovative research and development.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 11,206 11,206
Additions 999 999
At 31 July 2024 12,205 12,205
Accumulated depreciation
At 01 August 2023 7,710 7,710
Charge for the financial year 3,693 3,693
At 31 July 2024 11,403 11,403
Net book value
At 31 July 2024 802 802
At 31 July 2023 3,496 3,496

4. Debtors

2024 2023
£ £
Trade debtors 226,286 18,333
Corporation tax 36,450 18,444
Other debtors 1,395 16,997
264,131 53,774

Included in Other debtors is a deferred tax asset of £0 (2023 - £2,279) arising from an RDEC claim.

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 191,299 1,373,186

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 53,783 0
Other creditors 60,241 1,156,530
114,024 1,156,530

7. Liability of members

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 6,214 11,950