MODERNWIDE LTD


Director	Gregory Gevorkyan


Registered Number	12573748 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		830		2,457
			830		2,457
Current assets
Debtors	4	5,540		16,646
Cash at bank and on hand		5,772		2,829
		11,312		19,475
Creditors amounts falling due within one year	5	(44,061)		(33,607)
Net current assets (liabilities)			(32,749)		(14,132)
Total assets less current liabilities			(31,919)		(11,675)
Creditors amounts falling due after one year	6		(558,022)		(450,147)
Net assets			(589,941)		(461,822)
Capital and reserves
Called up share capital			7,857		7,857
Share premium			777,756		777,756
Profit and loss account			(1,375,554)		(1,247,435)
Shareholders' funds			(589,941)		(461,822)

The company was entitled to exemption from audit for this reporting period 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 Director acknowledges 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 15 October 2025, and are signed on its behalf by:

Gregory Gevorkyan
Director
Registered Company No. 12573748

MODERNWIDE LTD

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis of accounting in preparing its financial statements.

	Revenue from 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.

	Foreign currency translation
	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.

	Research and development
	Expenditure on research and development is written off in the year in which it is incurred.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 24	1,265	8,908	10,173
At 31 December 24	1,265	8,908	10,173
Depreciation and impairment
At 01 January 24	800	6,916	7,716
Charge for year	322	1,305	1,627
At 31 December 24	1,122	8,221	9,343
Net book value
At 31 December 24	143	687	830
At 31 December 23	465	1,992	2,457


	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: Fixtures & Fittings 3 Years Office Equipment 3 Years

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Other debtors	5,540	14,358
Prepayments and accrued income	-	2,288
Total	5,540	16,646

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	-	10,838
Bank borrowings and overdrafts	-	1,589
Taxation and social security	17,197	11,406
Other creditors	26,864	9,774
Total	44,061	33,607

6.	Creditors: amounts due after one year

	2024	2023
	£	£
Amounts owed to related parties	558,022	450,147
Total	558,022	450,147

7.	Guarantees provided on behalf of directors
	There were no financial guarantees or commitments, either ongoing or entered into during the period.

8.	Off-balance sheet arrangements
	The company had no off-balance sheet arrangements at year-end or at any stage during the period.

9.	Related party transactions
	As of 31 December 2024, the company’s US parent, Milly Works Inc., had advanced a loan of £558,021, which will subsequently be converted into share capital.

10.	Controlling party
	The entire issued share capital of the UK entity is held by Milly Works Inc., incorporated in the United States.