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Registered number: 11108267
Modus Accountants Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Modus Accountants Limited
Contents
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Modus Accountants Limited
Company Information
For The Year Ended 31 December 2024
Company Information
Directors M Spolander
S Newport
Company Number 11108267
Registered Office Unit 1c, Eagle Industrial Estate
Church Green
Witney
OX28 4YR
Accountants Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Page 1
Page 2
Modus Accountants Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 11108267
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 595,931 467,833
Tangible Assets 5 4,324 9,208
600,255 477,041
CURRENT ASSETS
Debtors 6 181,060 117,050
Investments 7 - 125,000
Cash at bank and in hand 116,387 157,682
297,447 399,732
Creditors: Amounts Falling Due Within One Year 8 (682,701 ) (352,659 )
NET CURRENT ASSETS (LIABILITIES) (385,254 ) 47,073
TOTAL ASSETS LESS CURRENT LIABILITIES 215,001 524,114
Creditors: Amounts Falling Due After More Than One Year 9 (213,942 ) (511,136 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (579 ) (1,750 )
NET ASSETS 480 11,228
CAPITAL AND RESERVES
Called up share capital 11 150 150
Profit and Loss Account 330 11,078
SHAREHOLDERS' FUNDS 480 11,228
Page 2
Page 3
Modus Accountants Limited
Balance Sheet (continued)
As At 31 December 2024
For the year ending 31 December 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Spolander
Director
30 September 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Modus Accountants Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Modus Accountants Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11108267 . The registered office is Unit 1c, Eagle Industrial Estate, Church Green, Witney, OX28 4YR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Computer Equipment 33% straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Modus Accountants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 518,617
Additions 194,500
As at 31 December 2024 713,117
Amortisation
As at 1 January 2024 50,784
Provided during the period 66,402
As at 31 December 2024 117,186
Net Book Value
As at 31 December 2024 595,931
As at 1 January 2024 467,833
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 13,979 18,310 32,289
Additions - 1,915 1,915
As at 31 December 2024 13,979 20,225 34,204
Depreciation
As at 1 January 2024 10,120 12,961 23,081
Provided during the period 3,130 3,669 6,799
As at 31 December 2024 13,250 16,630 29,880
Net Book Value
As at 31 December 2024 729 3,595 4,324
As at 1 January 2024 3,859 5,349 9,208
Page 5
Page 6
Modus Accountants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 79,768 87,994
Other debtors 101,292 29,056
181,060 117,050
7. Current Asset Investments
2024 2023
as restated
£ £
Unlisted investments - 125,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 24,277 15,873
Bank loans and overdrafts 17,908 21,957
Other creditors 545,765 197,617
Taxation and social security 94,751 117,212
682,701 352,659
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 46,056 59,876
Other creditors (1) 167,886 451,260
213,942 511,136
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 579 1,750
11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 150 150
Page 6
Page 7
Modus Accountants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Mark Spolander - 74,995 - - 74,995
The loan is unsecured, repayable on demand, and carries interest at 2.25% per annum on the overdrawn balance.
Page 7