Company registration number SC115074 (Scotland)
ModuSpec Limited
financial statements
for the year ended 31 December 2025
Pages for filing with registrar
ModuSpec Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ModuSpec Limited
Balance sheet
as at 31 December 2025
- 1 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
4
39
34
Current assets
Debtors
5
1,351
1,320
Cash at bank and in hand
170
343
1,521
1,663
Creditors: amounts falling due within one year
6
(832)
(2,277)
Net current assets/(liabilities)
689
(614)
Total assets less current liabilities
728
(580)
Creditors: amounts falling due after more than one year
7
(1,903)
-
0
Net liabilities
(1,175)
(580)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
9
(1,176)
(581)
Total equity
(1,175)
(580)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 May 2026 and are signed on its behalf by:
M P Watson
Director
Company registration number SC115074 (Scotland)
ModuSpec Limited
Notes to the Financial Statements
for the year ended 31 December 2025
- 2 -
1
Accounting policies
Company information

ModuSpec Limited is a private company limited by shares incorporated in Scotland. The registered office is ModuSpec House, Discovery Drive, Arnhall Business Park, Westhill, Scotland, AB32 6FG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and transactions with fellow group entities.

The financial statements of the company are consolidated in the financial statements of ModuResources Holding Ptd Ltd. These consolidated financial statements are available from its registered office, 1 Bukit Batok Street 22, #03-01, Duchess Residences, Singapore, 659592.

1.2
Going concern

At the period end, the company had a net liability position of £1,175k (2024 - £581k). Included within creditors are amounts due to fellow group members of £2,317k (2024 - £1,733k). The company continues to meet its working capital commitments from ongoing trading activities whilst it receives ongoing financial support from the MR Group including its parent company when required.true

The financial statements have therefore been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from rising input costs and the economic conditions in the UK. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the company, including the ongoing financial support of the group, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 3 -
1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is predominately earned through two remuneration models, fixed fee and reimbursable time and expenses. For fixed fee projects, invoices are raised according to milestones and achievements identified in the contract and revenue is recognised in line with costs incurred for work performed to date as a proportion of the total estimated contract costs. Reimbursable time and expenses projects are invoiced on agreed contractual terms and revenue is recognised when the work is performed.

1.4
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 improvements
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Fair value measurement of financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Recoverability of trade receivables

Judgement is required in evaluating the likelihood of collection of customer debt after revenue has been recognised. This evaluation requires estimates to be made including the level of provision to be made for amounts with uncertain recovery profiles. Provisions are based on historical trends in the percentage of debts which are not recovered, or on more detailed reviews of individually significant balances. To the extent that actual recovery experience differs significantly from the historical trends of the Company or from the assumptions on recovery following the detailed reviews of individually significant balances, the income and expenditure account of the Company in future years may be materially affected.

Accruals and deferred income

Management estimates accruals using post year end information and information available from detailed budgets. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
18
19
ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
- 7 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
-
0
31
18
49
Additions
14
-
0
2
16
At 31 December 2025
14
31
20
65
Depreciation and impairment
At 1 January 2025
-
0
2
13
15
Depreciation charged in the year
4
6
1
11
At 31 December 2025
4
8
14
26
Carrying amount
At 31 December 2025
10
23
6
39
At 31 December 2024
-
0
29
5
34
5
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
682
212
Amounts owed by group undertakings
236
112
Other debtors
89
290
Prepayments and accrued income
344
706
1,351
1,320
6
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Trade creditors
158
263
Amounts owed to group undertakings
414
1,733
Corporation tax
-
0
14
Other taxation and social security
90
49
Other creditors
10
9
Accruals and deferred income
160
209
832
2,277
ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Other creditors
1,903
-
0
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £'0001 each
1,000
1,000
1
1
9
Profit and loss reserves

Profit and loss reserves include all current and prior period retained profits and losses.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Blair Davidson
Statutory Auditor:
Henderson Loggie LLP
Date of audit report:
22 May 2026
11
Financial commitments, guarantees and contingent liabilities

The company has given its bankers guarantees dated 23 September 2025 over its banking facility. The guarantees are secured by cash deposits with its bankers totalling £62,162 (2024 - £nil).

12
Operating lease commitments
As lessee
ModuSpec Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2025
12
Operating lease commitments (continued)
- 9 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£'000
£'000
Total commitments
245
315
13
Parent company

The ultimate parent is ModuResources Holding Pte Ltd a company based in Singapore. The immediate parent is MR Group International BV, a company based in Netherlands.

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