Modena Engineering Limited Filleted accounts for Companies House (small and micro)

MODENA ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11855918

Modena Engineering Limited

Filleted Unaudited Abridged Financial Statements

31 March 2023

Modena Engineering Limited

Abridged Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		37,873	41,095

Current assets

Stocks	45,904	42,413
Debtors	425	525
Cash at bank and in hand	10,495	5,671
	--------	--------
	56,824	48,609

Creditors: amounts falling due within one year	72,243		83,815
	--------		--------
Net current liabilities		15,419	35,206
		--------	--------
Total assets less current liabilities		22,454	5,889

Creditors: amounts falling due after more than one year	15,671	22,671
	--------	--------
Net assets/(liabilities)	6,783	( 16,782)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	6,683	( 16,882)
	-------	--------
Shareholders funds/(deficit)	6,783	( 16,782)
	-------	--------

These abridged 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.

For the year ending 31 March 2023 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

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 year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Modena Engineering Limited

Abridged Statement of Financial Position (continued)

31 March 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:

S D Raw
Director

Company registration number: 11855918

Modena Engineering Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57a Broadway, Leigh on Sea, Essex, SS9 1PE, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Leasehold Property improvments	-	25% straight line
Plant & machinery	-	10% reducing balance
Fixtures & fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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 stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	£
Cost
At 1 April 2022	56,675
Additions	2,886
	--------
At 31 March 2023	59,561
	--------
Depreciation
At 1 April 2022	15,580
Charge for the year	6,108
	--------
At 31 March 2023	21,688
	--------
Carrying amount
At 31 March 2023	37,873
	--------
At 31 March 2022	41,095
	--------

6. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S D Raw	( 63,395)	11,780	( 51,615)
	--------	--------	--------

	2022
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S D Raw	( 63,375)	( 20)	( 63,395)
	--------	----	--------