Modernistiq Development Ltd 31/10/2021 iXBRL

Modernistiq Development Ltd 31/10/2021 iXBRL

MODERNISTIQ DEVELOPMENT LTD - Company Information

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Company registration number: 11366791
Modernistiq Development Ltd
Unaudited filleted abridged financial statements
31 October 2021
Modernistiq Development Ltd
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Modernistiq Development Ltd
Directors and other information
Director S. Wright
Company number 11366791
Registered office Avenue HQ
10-12 East Parade
Leeds
LS1 2BH
Accountants Bostocks Boyce Welch
The Counting House
Tower Buildings
Wade House Road
Shelf
HX3 7PB
Modernistiq Development Ltd
Abridged statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 2,397 2,454
_______ _______
2,397 2,454
Current assets
Stocks 747,098 953,835
Debtors 28,690 9,940
Cash at bank and in hand 209 9,421
_______ _______
775,997 973,196
Creditors: amounts falling due
within one year ( 909,705) ( 1,112,626)
_______ _______
Net current liabilities ( 133,708) ( 139,430)
_______ _______
Total assets less current liabilities ( 131,311) ( 136,976)
_______ _______
Net liabilities ( 131,311) ( 136,976)
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account ( 132,311) ( 137,976)
_______ _______
Shareholders deficit ( 131,311) ( 136,976)
_______ _______
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 June 2022 , and are signed on behalf of the board by:
S. Wright
Director
Company registration number: 11366791
Modernistiq Development Ltd
Statement of changes in equity
Year ended 31 October 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2019 1,000 ( 75,005) ( 74,005)
Profit/(loss) for the year ( 62,971) ( 62,971)
_______ _______ _______
Total comprehensive income for the year - ( 62,971) ( 62,971)
_______ _______ _______
At 31 October 2020 and 1 November 2020 1,000 ( 137,976) ( 136,976)
Profit/(loss) for the year 5,665 5,665
_______ _______ _______
Total comprehensive income for the year - 5,665 5,665
_______ _______ _______
At 31 October 2021 1,000 ( 132,311) ( 131,311)
_______ _______ _______
Modernistiq Development Ltd
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avenue HQ, 10-12 East Parade, Leeds, LS1 2BH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Tangible assets
£
Cost
At 1 November 2020 3,067
Additions 742
_______
At 31 October 2021 3,809
_______
Depreciation
At 1 November 2020 613
Charge for the year 799
_______
At 31 October 2021 1,412
_______
Carrying amount
At 31 October 2021 2,397
_______
At 31 October 2020 2,454
_______
5. Controlling party
The company is a wholly owned subsidary of Modernistiq Group Ltd which is the ultimate controlling party.