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Registration number: 05026392

Matford Business Centre Limited

Filleted Financial Statements

for the Year Ended 31 December 2021

 

Matford Business Centre Limited
(Registration number: 05026392)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Matford Business Centre Limited
(Registration number: 05026392)

Company Information

Directors

Mr J Whiley

Mr D H Langley

Mr A G E Rowe OBE

Company secretary

Mrs S M Rowe

Registered office

Matford Business Centre
Matford Park Road
Exeter
Devon
EX2 8ED

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Matford Business Centre Limited
(Registration number: 05026392)

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

527,890

554,854

Current assets

 

Debtors

6

83,004

187,774

Cash at bank and in hand

 

104,493

273,583

 

187,497

461,357

Creditors: Amounts falling due within one year

7

(712,613)

(1,052,628)

Net current liabilities

 

(525,116)

(591,271)

Total assets less current liabilities

 

2,774

(36,417)

Provisions for liabilities

(120,231)

(71,838)

Net liabilities

 

(117,457)

(108,255)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(117,458)

(108,256)

Total equity

 

(117,457)

(108,255)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

.........................................
Mr A G E Rowe OBE
Director

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Matford Business Centre
Matford Park Road
Exeter
Devon
EX2 8ED

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors acknowledge that the company is currently trading with negative shareholders' funds, however, they are confident that the company's trading results will continue to improve in the forthcoming periods following the economic downturn. The parent company Exeter Estates Holdings Limited have indicated they will provide financial support for the foreseeable future and therefore the directors have prepared the accounts on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this financial support.

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 July 2022 was Mr Simon Lewis, who signed for and on behalf of Thompson Jenner LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Improvements

Straight line over 50 years

Plant and machinery

10-20% reducing balance

Fixtures and fittings

15-20% reducing balance

Office equipment

25% straight line

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2020 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

43,000

43,000

At 31 December 2021

43,000

43,000

Amortisation

At 1 January 2021

43,000

43,000

At 31 December 2021

43,000

43,000

Carrying amount

At 31 December 2021

-

-

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

5

Tangible assets

Property Improvements
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

359,068

307,237

484,030

1,150,335

Additions

-

18,068

4,184

22,252

At 31 December 2021

359,068

325,305

488,214

1,172,587

Depreciation

At 1 January 2021

52,462

209,376

333,643

595,481

Charge for the year

7,126

22,782

19,308

49,216

At 31 December 2021

59,588

232,158

352,951

644,697

Carrying amount

At 31 December 2021

299,480

93,147

135,263

527,890

At 31 December 2020

306,606

97,861

150,387

554,854

Included within the net book value of property improvements above is £Nil (2020 - £Nil) in respect of freehold property improvements and £299,480 (2020 - £306,606) in respect of long leasehold property improvements.
 

6

Debtors

2021
£

2020
£

Trade debtors

 

8,139

117,751

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

4,998

Other debtors

 

15,568

-

Prepayments and accrued income

 

59,297

65,025

Total current trade and other debtors

 

83,004

187,774

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Creditors

2021
£

2020
£

Due within one year

 

Trade creditors

 

81,968

76,158

Amounts owed to group undertakings and undertakings in which the company has a participating interest

445,818

624,139

Taxation and social security

 

31,344

62,812

Other creditors

 

126,054

132,716

Accrued expenses and deferred income

 

27,429

156,803

 

712,613

1,052,628

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2020 - £54,000). These relate entirely to operating lease commitments due within one year.

The total amount of contingencies not included in the balance sheet is £Nil (2020 - £624,582).

9

Parent and ultimate parent undertaking

The company's immediate parent is Exeter Estates Holdings Limited, incorporated in England and Wales.