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Abridged Unaudited Financial Statements for the Year Ended 30 June 2020 |
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Modus Agency Ltd |
REGISTERED NUMBER:
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Abridged Unaudited Financial Statements for the Year Ended 30 June 2020 |
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for |
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Modus Agency Ltd |
Modus Agency Ltd (Registered number: 06408927) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2020 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Modus Agency Ltd |
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Company Information |
for the Year Ended 30 June 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Taylors Lane |
Worcester |
WR1 1PN |
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BANKERS: |
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Po Box 4 |
6 Broad Street |
Worcester |
WR1 2EJ |
Modus Agency Ltd (Registered number: 06408927) |
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Abridged Balance Sheet |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
5 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his 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. |
Modus Agency Ltd (Registered number: 06408927) |
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Abridged Balance Sheet - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Modus Agency Ltd (Registered number: 06408927) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Modus Agency Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Government grants are accounted for under the accruals model. Covid related grants have been recognised in the profit and loss when receivable. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments - borrowings |
Interest bearing borrowings are initially recognised at transaction price, adjusted for transaction costs. Interest bearing borrowings are subsequently measured at amortised cost using the effective interest method with interest being recognised in the profit and loss account. |
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During the year, the company benefited from a Government backed loan. The effect of discounting such a loan is considered immaterial and has therefore been recognised at the loan value received. |
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Modus Agency Ltd (Registered number: 06408927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Modus Agency Ltd (Registered number: 06408927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS |
30.6.20 | 30.6.19 |
£ | £ |
Repayable by instalments |
Bank loans more than 5 years | 10,426 | - |
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6. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.20 | 30.6.19 |
£ | £ |
Within one year |
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Between one and five years |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.20 | 30.6.19 |
£ | £ |
Other creditors | 11,747 | 38,153 |
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Secured by way of a debenture to Aldermore Bank Plc securing debts by way of a fixed charge and floating charge over all the property or undertaking of the company. |
Modus Agency Ltd (Registered number: 06408927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2020 and 30 June 2019: |
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30.6.20 | 30.6.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The directors loan was repaid within 9 months of the year end. |