Mods Management Limited

	Page
Company Information	1
Accountants' Report	2
Balance Sheet	3—4
Statement of Changes in Equity	5
Notes to the Financial Statements	6—11

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Accountants' Report

For The Year Ended 31 December 2024

Accountants' Report

Report to the directors on the preparation of the unaudited statutory accounts of Mods Management Limited for the year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mods Management Limited which comprise the Profit and Loss Account, the Balance Sheet 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Mods Management Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mods Management Limited and state those matters that we have agreed to state to the directors of Mods Management Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mods Management Limited and its directors as a body for our work or for this report.

It is your duty to ensure that Mods Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Mods Management Limited . You consider that Mods Management 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 accounts of Mods Management 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 financial statements.

30 September 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Mods Management Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: SC231624

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,116,759		1,345,657
Tangible Assets	5		901,059		936,975
Investment Properties	6		140,000		140,000

			2,157,818		2,422,632
CURRENT ASSETS
Debtors	7	796,043		1,510,405
Cash at bank and in hand		704,931		977,526

		1,500,974		2,487,931
Creditors: Amounts Falling Due Within One Year	8	(251,948 )		(3,847,888 )

NET CURRENT ASSETS (LIABILITIES)			1,249,026		(1,359,957 )

TOTAL ASSETS LESS CURRENT LIABILITIES			3,406,844		1,062,675

PROVISIONS FOR LIABILITIES
Deferred Taxation			(15,083 )		(18,274 )

NET ASSETS			3,391,761		1,044,401

CAPITAL AND RESERVES
Called up share capital			1,042		1,042
Share premium account			292,083		292,083
Revaluation reserve			128,240		154,040
Profit and Loss Account			2,970,396		597,236

SHAREHOLDERS' FUNDS			3,391,761		1,044,401

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Mods Management 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

Mr J Bell

Director

30 September 2025

The notes on pages 6 to 11 form part of these financial statements.

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Mods Management Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2023	1,042	292,083	154,040	1,997,274	2,444,439
Loss for the year and total comprehensive income	-	-	-	(1,400,038 )	(1,400,038)

As at 31 December 2023 and 1 January 2024	1,042	292,083	154,040	597,236	1,044,401


Profit for the year and total comprehensive income	-	-	-	2,347,360	2,347,360

Transfer to/from Other Reserves	-	-	-	25,800	25,800
Transfer to/from Profit & Loss Account	-	-	(25,800 )	-	(25,800)

As at 31 December 2024	1,042	292,083	128,240	2,970,396	3,391,761

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Mods Management Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Mods Management Limited is a private company, limited by shares, incorporated in Scotland, registered number SC231624 . The registered office is 41 Albyn Place, Aberdeen, AB10 1YN.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 - Other Intangible

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are amortised evenly over their estimated useful life of five years, previously three years.

Computer software is being amortised evenly over its estimated useful life of five years, previously three years.

2.4. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.5. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

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:

Freehold Property	5% on cost
Improvements to property	20% on cost and 10% on cost
Plant & Machinery	25% on cost
Fixtures & Fittings	15% on cost
Computer Equipment	33% on cost

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Mods Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.

2.7. 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.

2.8. 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

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.

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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 26 (2023: 28)

4. Intangible Assets

	Computer Software	Development Costs	Total
	£	£	£
Cost
As at 1 January 2024	14,475	2,315,764	2,330,239
Additions	-	79,791	79,791
Disposals	-	(757,634 )	(757,634 )

As at 31 December 2024	14,475	1,637,921	1,652,396

...CONTINUED

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Mods Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Amortisation
As at 1 January 2024	14,475	970,107	984,582
Provided during the period	-	308,689	308,689
Disposals	-	(757,634 )	(757,634 )

As at 31 December 2024	14,475	521,162	535,637

Net Book Value
As at 31 December 2024	-	1,116,759	1,116,759

As at 1 January 2024	-	1,345,657	1,345,657

5. Tangible Assets

	Land & Property
	Freehold Property	Improvements to property	Plant & Machinery	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	860,000	84,118	890	43,760
Additions	-	-	-	-

As at 31 December 2024	860,000	84,118	890	43,760

Depreciation
As at 1 January 2024	27,233	14,358	246	20,220
Provided during the period	17,200	10,626	223	6,565

As at 31 December 2024	44,433	24,984	469	26,785

Net Book Value
As at 31 December 2024	815,567	59,134	421	16,975

As at 1 January 2024	832,767	69,760	644	23,540


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	203,650	1,192,418
Additions	8,942	8,942

As at 31 December 2024	212,592	1,201,360

Depreciation
As at 1 January 2024	193,386	255,443
Provided during the period	10,244	44,858

As at 31 December 2024	203,630	300,301

Net Book Value
As at 31 December 2024	8,962	901,059

As at 1 January 2024	10,264	936,975

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Mods Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Cost or valuation as at 31 December 2024 represented by:

	Land & Property
	Freehold Property	Improvements to property	Plant & Machinery	Fixtures & Fittings
	£	£	£	£
At cost	644,580	84,118	890	43,760
At valuation	215,420	-	-	-

	860,000	84,118	890	43,760


	Computer Equipment	Total
	£	£
At cost	212,592	985,940
At valuation	-	215,420

	212,592	1,201,360

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold Property
	£
Cost	644,580
Accumulated depreciation and impairment	44,433

Carrying amount	600,147

6. Investment Property

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	140,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023
	£	£
Cost	140,000	140,000

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Mods Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	422,983	373,179
Prepayments and accrued income	43,856	565,870
Other debtors	-	2,206
Corporation tax recoverable assets	229,766	50
VAT	15,576	13,706
Directors' loan accounts	-	1,504
Mods Australia	-	345,395
GIS interco loan debtor	83,862	208,495

	796,043	1,510,405

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	53,508	97,989
Other taxes and social security	47,405	52,012
Other creditors	26,781	143,389
Accruals and deferred income	124,254	346,099
JGC Corporation interco loan	-	3,208,399

	251,948	3,847,888

9. Secured Creditors

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Other Creditors	-		3,328,399

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	18,274	18,274
Deferred taxation	(3,191 )	(3,191 )

Balance at 31 December 2024	15,083	15,083

11. Pension Commitments

The company's defined contribution pension cost for the year was £53,297 (2023: £67,615). Outstanding contributions as at the year end totalled £8563 (£2023: £9,761) in relation to employers and employees contributions.

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Mods Management 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 Jonathan Bell	1,504	-	(1,504 )	-	-

The above loan is interest free and has no fixed repayment terms.

13. Related Party Transactions

A loan balance of nil (2023: £60,000) is due to an individual related to a shareholder of Mods Management Ltd. An effective 6% interest rate has been charged in respect of this loan with repayment period being 30 June 2024.

A loan balance of nil (2023: £60,000) is due to an individual who is also a shareholder of Mods Management Ltd. An effective 6% interest rate has been charged in respect of this loan with repayment period being 30 June 2024.

During the year the company received income from a shareholder company totalling £124,633 (2023: 109,470). This transaction was held at arm's length and a balance of £83,862 (2023: £208,495) remain to be given at year end.

During the year the company received invoices from a shareholder company totalling £208,399 and wrote off £3,000,000 (2023: £3,195,746). This transaction was held at arm's length and a balance of nil (2023: £3,208,399) remain outstanding at year end.

During the year the company received invoices from a director for services rendered of £116,880 (2023: £161,247 ). This transaction was held at arm's length and a balance of £nil (2023: £nil) remain outstanding at year end.

During the year the company received invoices from a director for services rendered of £210,068 (2023: £97,583 ). This transaction was held at arm's length and a balance of £nil (2023: £nil) remain outstanding at year end.

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Directors	Mr J Bell
	Mr T Bell
	Mr R Cox
	Mr A Katayama
	Mr K Kojima

Company Number	SC231624

Registered Office	41 Albyn Place
	Aberdeen
	AB10 1YN

Accountants	Nuvo Scotland Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX