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Company registration number:
02702511
D.R. Matthews Insulations Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2022
D.R. Matthews Insulations Limited
Statement of Financial Position
31 March 2022
20222021
Note££
Fixed assets    
Tangible assets 5
62,201
 
63,273
 
Current assets    
Stocks
1,000
 
1,000
 
Debtors 6
633,898
 
600,335
 
Cash at bank and in hand
84,388
 
40,803
 
719,286
 
642,138
 
Creditors: amounts falling due within one year 7
(401,227
)
(438,940
)
Net current assets
318,059
 
203,198
 
Total assets less current liabilities 380,260   266,471  
Creditors: amounts falling due after more than one year 8
(86,363
)
(113,636
)
Provisions for liabilities
(11,818
)
(12,022
)
Net assets
282,079
 
140,813
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
281,979
 
140,713
 
Shareholders funds
282,079
 
140,813
 
For the year ending
31 March 2022
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
5 September 2022
, and are signed on behalf of the board by:
R Coster
G Morton
DirectorDirector
Company registration number:
02702511
D.R. Matthews Insulations Limited
Notes to the Financial Statements
Year ended
31 March 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Kingsley Hosue
,
22-24 Elm Road
,
Leigh-on-Sea
,
Essex
,
SS9 1SN
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over life of the lease
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line

Impairment

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was nil (2021:
7
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2021
153,476
 
Additions
22,278
 
Disposals
(26,969
)
At
31 March 2022
148,785
 
Depreciation  
At
1 April 2021
90,203
 
Charge
13,427
 
Disposals
(17,046
)
At
31 March 2022
86,584
 
Carrying amount  
At
31 March 2022
62,201
 
At 31 March 2021
63,273
 

6 Debtors

20222021
££
Trade debtors
606,518
 
440,911
 
Other debtors
27,380
 
159,424
 
633,898
 
600,335
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
27,273
 
27,273
 
Trade creditors
335,367
 
313,990
 
Taxation and social security
9,046
 
27,294
 
Other creditors
29,541
 
70,383
 
401,227
 
438,940
 
Assets held under hire purchase agreements are secured against the assets to which they relate.

8 Creditors: amounts falling due after more than one year

20222021
££
Bank loans and overdrafts
86,363
 
113,636
 
Assets held under hire purchase agreements are secured against the assets to which they relate.