0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,102 1,102 1,102 xbrli:pure xbrli:shares iso4217:GBP SC106918 2023-08-01 2024-07-31 SC106918 2024-07-31 SC106918 2023-07-31 SC106918 2022-08-01 2023-07-31 SC106918 2023-07-31 SC106918 2022-07-31 SC106918 core:PlantMachinery 2023-08-01 2024-07-31 SC106918 core:FurnitureFittings 2023-08-01 2024-07-31 SC106918 bus:LeadAgentIfApplicable 2023-08-01 2024-07-31 SC106918 bus:Director2 2023-08-01 2024-07-31 SC106918 core:LandBuildings 2024-07-31 SC106918 core:PlantMachinery 2024-07-31 SC106918 core:FurnitureFittings 2024-07-31 SC106918 core:LandBuildings 2023-08-01 2024-07-31 SC106918 core:WithinOneYear 2024-07-31 SC106918 core:WithinOneYear 2023-07-31 SC106918 core:AfterOneYear 2024-07-31 SC106918 core:AfterOneYear 2023-07-31 SC106918 core:RevaluationReserve 2022-08-01 2023-07-31 SC106918 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 SC106918 core:ShareCapital 2024-07-31 SC106918 core:ShareCapital 2023-07-31 SC106918 core:RevaluationReserve 2024-07-31 SC106918 core:RevaluationReserve 2023-07-31 SC106918 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC106918 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC106918 core:CostValuation core:Non-currentFinancialInstruments 2024-07-31 SC106918 core:Non-currentFinancialInstruments 2024-07-31 SC106918 core:Non-currentFinancialInstruments 2023-07-31 SC106918 core:LandBuildings 2023-07-31 SC106918 core:FurnitureFittings 2023-07-31 SC106918 core:LandBuildings 2023-07-31 SC106918 core:PlantMachinery 2023-07-31 SC106918 core:FurnitureFittings 2023-07-31 SC106918 bus:Director1 2023-08-01 2024-07-31 SC106918 bus:SmallEntities 2023-08-01 2024-07-31 SC106918 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC106918 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC106918 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC106918 bus:FullAccounts 2023-08-01 2024-07-31 SC106918 core:OfficeEquipment 2023-08-01 2024-07-31 SC106918 core:OfficeEquipment 2023-07-31 SC106918 core:OfficeEquipment 2024-07-31 SC106918 core:AllAssociates 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: SC106918
Modern Housing Limited
Filleted Unaudited Financial Statements
31 July 2024
Modern Housing Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Modern Housing Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Modern Housing Limited
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Modern Housing Limited for the year ended 31 July 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Modern Housing Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Modern Housing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Modern Housing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Modern Housing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Modern Housing Limited. You consider that Modern Housing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Modern Housing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
20 January 2025
Modern Housing Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
12,114,166
12,032,666
Investments
5
1,102
1,102
-------------
-------------
12,115,268
12,033,768
Current assets
Debtors
6
1,582,069
761,445
Cash at bank and in hand
40,875
209,807
------------
---------
1,622,944
971,252
Creditors: amounts falling due within one year
7
1,284,725
1,663,934
------------
------------
Net current assets/(liabilities)
338,219
( 692,682)
-------------
-------------
Total assets less current liabilities
12,453,487
11,341,086
Creditors: amounts falling due after more than one year
8
5,956,631
4,790,841
Provisions
Taxation including deferred tax
670,877
670,877
-------------
-------------
Net assets
5,825,979
5,879,368
-------------
-------------
Modern Housing Limited
Statement of Financial Position (continued)
31 July 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Non distributable reserve
3,288,025
3,288,025
Profit and loss account
2,537,854
2,591,243
------------
------------
Shareholders funds
5,825,979
5,879,368
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr A Smith
Director
Company registration number: SC106918
Modern Housing Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in SCOTLAND. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made for deferred taxation arising from timing differences other than those which are expected with reasonable probability to continue in the foreseeable future.
Tangible assets
All fixed assets are initially recorded at cost. Costs of refurbishment of properties is based on costs specific to each property together with costs allocated to each property by the directors in line with professionally costed bill of quantities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
12,032,665
3,480
73,420
3,880
12,113,445
Additions
81,500
81,500
-------------
-------
--------
-------
-------------
At 31 July 2024
12,114,165
3,480
73,420
3,880
12,194,945
-------------
-------
--------
-------
-------------
Depreciation
At 1 August 2023 and 31 July 2024
3,480
73,419
3,880
80,779
-------------
-------
--------
-------
-------------
Carrying amount
At 31 July 2024
12,114,165
1
12,114,166
-------------
-------
--------
-------
-------------
At 31 July 2023
12,032,665
1
12,032,666
-------------
-------
--------
-------
-------------
The company's existing investment properties were valued at £12,032,665 by Shepherd, Chartered Surveyors and DM Hall, Chartered Surveyors during the previous period and the directors consider that the valuations are accurate as at 31st July 2024. Properties additions in the year are included at costs which is also considered the accurate value at 31st July 2024.
5. Investments
Shares in group undertakings
£
Cost
At 1 August 2023 and 31 July 2024
1,102
-------
Impairment
At 1 August 2023 and 31 July 2024
-------
Carrying amount
At 31 July 2024
1,102
-------
At 31 July 2023
1,102
-------
The company owns 100% of the issued share capital of the Lapday Limited, Modern Housing New Homes Limited and Modern Housing New Homes Contracts Limited. There were 2 non trading subsidiaries that were dissolved during the previous year, High Street Developers Limited and Modern High Street Investments Limited.
Lapday Limited has net assets of £441,980 (2023: £441,980) and profit of £nil (2023: £nil) for the year ended 31st July 2024, Modern Housing New Homes Limited has net assets of £210,671 (2023: £175,496) and profit of £35,175 (2023: £55,356) for the year ended 31st July 2024. West of Scotland New Homes Limited (formerly Modern Housing New Homes Contracts Limited) has net assets of £708,926 (2023: £712,101) and a loss of £3,175(2023: £4,764) for the year ended 31st July 2024.
Under the provision of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2024
2023
£
£
Trade debtors
1,206
1,900
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,533,818
636,577
Other debtors
47,045
122,968
------------
---------
1,582,069
761,445
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
46,473
Trade creditors
3,418
8,839
Amounts owed to group undertakings and undertakings in which the company has a participating interest
869,432
868,872
Corporation tax
177,112
221,957
Other creditors
63,834
63,834
Other creditors
170,929
453,959
------------
------------
1,284,725
1,663,934
------------
------------
The bank borrowings are secured by a standard security and a bond and floating charge over the assets of the company and by inter-company guarantees and by a guarantee from the directors of £500,000.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
917,648
32,408
Other creditors
5,038,983
4,758,433
------------
------------
5,956,631
4,790,841
------------
------------
The bank borrowings are secured by a standard security and a bond and floating charge over the assets of the company and by inter-company guarantees and by a guarantee from the directors of £500,000.
9. Analysis of other comprehensive income
Non distributable reserve
Profit and loss account
Total
£
£
£
Year ended 31 July 2023
Revaluation of tangible assets
1,736,421
1,736,421
Reclassification from revaluation reserve to profit and loss account
( 1,736,421)
( 1,736,421)
------------
------------
------------
1,736,421
( 1,736,421)
------------
------------
------------
10. Directors' advances, credits and guarantees
The company was under the joint control of Mr A Smith and Mrs D Smith throughout the current and previous year. The balance owed to the Directors at 31st July 2024 amounted to £440 (2023: (£75,773)).
11. Related party transactions
£ 1,533,818 (2023: £636,577) is due to the company from Modern Housing New Homes Limited as at 31st July 2024. £339,241 (2023: £339,241) is also owed to Modern Housing New Homes Contracts Limited as at 31st July 2024. Both companies are fully owned subsidiaries of Modern Housing Limited . £404,299 (2023: £404,219) was owed from the company to Lapday Limited which is a fully owned subsidiary of Modern Housing Limited . £8,152 (2023: (£14,586)) is owed from Modern Housing Pension Scheme as at 31st July 2024.
12. Controlling party
The company was under the joint control of Mr A Smith and Mrs D Smith throughout the current and previous year.