REGISTERED NUMBER: 00496853 (England and Wales)

MODEX SPACES LTD

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E W F John

E E Thomas

SECRETARY:

E E Thomas

REGISTERED OFFICE:

Freshmoor Road

East Moors Industrial Estate

CARDIFF

County of Cardiff

CF24 5HS

REGISTERED NUMBER:

00496853 (England and Wales)

ACCOUNTANTS:

MHA (trading name of MHA Advisory Ltd)

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

2,201,139

2,277,726

CURRENT ASSETS

Stocks

183,052

184,779

Debtors

5

5,490,086

5,595,089

Cash at bank and in hand

40,983

32,741

5,714,121

5,812,609

CREDITORS

Amounts falling due within one year

6

(418,148

)

(586,578

)

NET CURRENT ASSETS

5,295,973

5,226,031

TOTAL ASSETS LESS CURRENT LIABILITIES

7,497,112

7,503,757

PROVISIONS FOR LIABILITIES

(464,659

)

(497,180

)

NET ASSETS

7,032,453

7,006,577

CAPITAL AND RESERVES

Called up share capital

1,300

1,300

Revaluation reserve

7

563,913

582,720

Capital redemption reserve

150,700

150,700

Retained earnings

6,316,540

6,271,857

SHAREHOLDERS' FUNDS

7,032,453

7,006,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2025 and were signed on its behalf by:

E W F John - Director

E E Thomas - Director

1.	STATUTORY INFORMATION

Modex Spaces Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There have been no material departures from Financial Reporting Standard 102 1A.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, excluding value added tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings

10% Straight line

Plant and equipment

10% Reducing balance

Fixtures and fittings

15% Reducing balance

Portacabins and units

5% Reducing balance

Motor vehicles

20% Reducing balance

Portacabins and units are recognised as fixed assets on initial purchase at cost. During a prior year, the directors reassessed the life of the assets which led to a substantial increase in the valuation of the tangible fixed assets.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on a first in, first out (FIFO) method. The company applies the standard cost method for the recognition and subsequent measurement of stock of parts. The cost of parts and work in progress includes direct labour costs, other direct labour costs and related production overheads (based on standard operating capacity).

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in the profit or loss.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

Plant and

Fittings

Motor

property

machinery

& Equipment

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2024

191,474

3,018,008

92,682

142,451

3,444,615

Additions

-

51,781

1,363

14,195

67,339

Disposals

-

(96,778

)

-

(18,500

)

(115,278

)

Revaluations

-

26,000

-

-

26,000

At 31 March 2025

191,474

2,999,011

94,045

138,146

3,422,676

DEPRECIATION

At 1 April 2024

153,374

839,368

62,464

111,683

1,166,889

Charge for year

7,323

61,481

4,579

6,804

80,187

Eliminated on disposal

-

(10,352

)

-

(15,187

)

(25,539

)

At 31 March 2025

160,697

890,497

67,043

103,300

1,221,537

NET BOOK VALUE

At 31 March 2025

30,777

2,108,514

27,002

34,846

2,201,139

At 31 March 2024

38,100

2,178,640

30,218

30,768

2,277,726

Cost or valuation at 31 March 2025 is represented by:

Improvements

Fixtures,

to

Plant and

Fittings

Motor

property

machinery

& Equipment

vehicles

Totals

£

£

£

£

£

Valuation in 2025

33,600

55,096

60,434

-

149,130

Cost

157,874

2,943,915

33,611

138,146

3,273,546

191,474

2,999,011

94,045

138,146

3,422,676

The Improvements to Property, Plant and Machinery and Fixtures, Fittings and Equipment were valued on an open market basis on 31 March 2025 by the directors, who do not have formal valuation qualifications.

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

268,958

347,855

Finance of trade debtors

7,512

40,381

Prepayments and accrued income

73,022

67,276

349,492

455,512

Amounts falling due after more than one year:

Amounts owed by group undertakings

5,140,594

5,139,577

Aggregate amounts

5,490,086

5,595,089

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Preference shares

500

500

Trade creditors

177,665

350,631

Corporation tax

46,774

113,573

Social security and other taxes

27,366

18,067

VAT

56,946

49,531

Other creditors

7,958

6,207

Directors' current accounts

-

425

Accruals and deferred income

100,939

47,644

418,148

586,578

7.

RESERVES

Revaluation

reserve

£

At 1 April 2024

582,720

Revaluation movement

(18,807

)

At 31 March 2025

563,913

8.	OTHER FINANCIAL COMMITMENTS

The company has total commitments at the balance sheet date of £18,709 (2024: £46,894).