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REGISTERED NUMBER: 04648262 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Matthews Properties Limited

Matthews Properties Limited (Registered number: 04648262)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Matthews Properties Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G C Matthews BSc MRICS
K J Matthews





REGISTERED OFFICE: Oak Apple House
North Street
Milborne Port
Sherborne
DT9 5EW





BUSINESS ADDRESS: Higher Sandford Farm
Sandford Orcas
Sherborne
Dorset
DT9 4RP





REGISTERED NUMBER: 04648262 (England and Wales)





ACCOUNTANTS: Silbury Accountants Limited
Chartered Accountants
Oak Apple House
North Street
Milborne Port
Sherborne
DT9 5EW

Matthews Properties Limited (Registered number: 04648262)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 8,522 9,572
Investment property 5 9,325,000 9,130,000
9,333,522 9,139,572

CURRENT ASSETS
Debtors 6 4,604 14,796
Investments 7 301,519 399,994
Cash at bank 55,924 -
362,047 414,790
CREDITORS
Amounts falling due within one year 8 1,019,896 1,111,592
NET CURRENT LIABILITIES (657,849 ) (696,802 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,675,673

8,442,770

CREDITORS
Amounts falling due after more than one
year

9

(4,680,233

)

(4,647,044

)

PROVISIONS FOR LIABILITIES (187,878 ) (105,937 )
NET ASSETS 3,807,562 3,689,789

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserves 12 884,626 771,255
Retained earnings 2,922,836 2,918,434
SHAREHOLDERS' FUNDS 3,807,562 3,689,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Matthews Properties Limited (Registered number: 04648262)

Statement of Financial Position - continued
31 March 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





G C Matthews BSc MRICS - Director


Matthews Properties Limited (Registered number: 04648262)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Matthews Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Matthews Properties Limited (Registered number: 04648262)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 April 2022 50,102
Additions 460
At 31 March 2023 50,562
DEPRECIATION
At 1 April 2022 40,530
Charge for year 1,510
At 31 March 2023 42,040
NET BOOK VALUE
At 31 March 2023 8,522
At 31 March 2022 9,572

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 9,130,000
Revaluations 195,000
At 31 March 2023 9,325,000
NET BOOK VALUE
At 31 March 2023 9,325,000
At 31 March 2022 9,130,000

Most of the properties were valued independently by Lloyds Banking Group in January 2023. The remainder of the properties were valued at open market value by the director, G C Matthews, who is a Chartered Surveyor on 31 March 2023.

The valuation at 31 March 2023 comprised cost of £8,238,586 (2022: £8,238,586) and net change in open market value of £1,086,414 (2022: £891,414).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 4,604 14,796

7. CURRENT ASSET INVESTMENTS
31.3.23 31.3.22
£    £   
Investment in associate
companies 301,519 399,994
301,519 399,994

Matthews Properties Limited (Registered number: 04648262)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 120,000 236,740
Trade creditors 5,566 16,491
Taxation and social security 24,116 95,237
Other creditors 870,214 763,124
1,019,896 1,111,592

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 4,680,233 4,616,025
Other creditors - 31,019
4,680,233 4,647,044

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years
by instalments 4,200,233 4,493,590
4,200,233 4,493,590

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 4,800,233 4,745,115

Borrowing is secured by charges on the investment property.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

On 29 March 2019 45 ordinary shares were re-designated as B ordinary shares. Voting and other rights remain the same on all the ordinary shares.

Matthews Properties Limited (Registered number: 04648262)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. RESERVES
Non-distributable
reserves
£   
At 1 April 2022 771,255
Transfer of non-distributable
gain/loss 113,371

At 31 March 2023 884,626

The transfer of non-distributable gains are net of deferred tax.