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Registration number: 07670856

Small Matters Limited
Annual Report and Unaudited Filleted Abridged Financial Statements
for the Year Ended 30 June 2023

Small Matters Limited

Contents

Abridged Balance Sheet | 1 to 2
Notes to the Unaudited Abridged Financial Statements | 3 to 5

Small Matters Limited

(Registration number: 07670856)
Abridged Balance Sheet as at 30 June 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 25,789 | 16,654
Investment property |  | 1,500,000 | 627,356
|  | 1,525,789 | 644,010
Current assets |  |  |
Cash at bank and in hand |  | 136,792 | 66,349
Creditors: Amounts falling due within one year |  | (832,485) | (824,524)
Net current liabilities |  | (695,693) | (758,175)
Total assets less current liabilities |  | 830,096 | (114,165)
Provisions for liabilities |  | (224,610) | (3,164)
Net assets/(liabilities) |  | 605,486 | (117,329)
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Other reserves |  | 654,483 | -
Profit and loss account |  | (48,998) | (117,330)
Total equity |  | 605,486 | (117,329)

Small Matters Limited

(Registration number: 07670856)
Abridged Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

| The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
| The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 3 October 2023

Mrs T C Taysom

Director

Small Matters Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

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:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the director on 3 October 2023.

2 | Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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 financial statements have been prepared on a going concern basis. Of the company's liabilities at 30 June 2023, £797,550 is owed to the director, who has agreed not to demand repayment of this amount for at least one year after the date of the approval of these accounts, to the extent that any such repayment would jeopardise the future of the company.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Small Matters Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

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 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 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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Plant and machinery | 20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

Small Matters Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

4 | Tangible assets

| Total £
Cost or valuation
At 1 July 2022 | 23,521
Additions | 17,300
At 30 June 2023 | 40,821
Depreciation
At 1 July 2022 | 6,867
Charge for the year | 8,165
At 30 June 2023 | 15,032
Carrying amount
At 30 June 2023 | 25,789
At 30 June 2022 | 16,654

Investment properties

| 2023 £
At 1 July | 627,356
Fair value adjustments | 872,644
At 30 June | 1,500,000

The Director has undertaken a revaluation of the property and consider this to be the open market value.