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Registered Number: 13566241
England and Wales

 

 

 

MATBAXTER.DEV LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2022

End date: 31 July 2023
Directors M Baxter
V Baxter
Registered Number 13566241
Registered Office 5 Bacchus Gardens,
Leighton Buzzard,
England,
LU7 9SA
Accountants Blue Peak Consulting Ltd
Wyvols Court
Basingstoke Road
Berkshire
United Kingdom
RG7 1WY
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 July 2023.
Directors
The directors who served the company throughout the period were as follows:
M Baxter
V Baxter

This report was approved by the board and signed on its behalf by:


----------------------------------
M Baxter
Director

Date approved: 24 October 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 4,250    4,104 
4,250    4,104 
Current assets      
Debtors 4 136    10,999 
Cash at bank and in hand 2,545    11,195 
2,681    22,194 
Creditors: amount falling due within one year 5 (3,713)   (13,900)
Net current liabilities (1,032)   8,294 
 
Total assets less current liabilities 3,218    12,398 
Net assets 3,218    12,398 
 

Capital and reserves
     
Called up share capital 120    120 
Profit and loss account 3,098    12,278 
Shareholder's funds 3,218    12,398 
 



For the financial period ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.


Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
  2. 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 and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 October 2023 and were signed on its behalf by:


-------------------------------
M Baxter
Director
3
Company Information
MatBaxter.dev Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Bacchus Gardens, Leighton Buzzard, LU7 9SA.
1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.


The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Reporting period
The company was incorporated on 13 August 2021. These financial statements have been prepared for the 11 month period from 01 September 2022 to 31 July 2023 as the period has shortned.
Going concern basis
At the time of approving the financial statements, the directors intend to cease trading. Thus the directors do not adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.


When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.


Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.


Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.


Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.


The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and Fittings 3 Yrs Straight Line
Computer Equipment 3 Yrs Straight Line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.


Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.

Average number of employees

Average number of employees during the period was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 September 2022 1,279    3,762    5,041 
Additions 1,083    1,363    2,446 
Disposals (344)     (344)
At 31 July 2023 2,018    5,125    7,143 
Depreciation
At 01 September 2022 292    645    937 
Charge for period 587    1,388    1,975 
On disposals (19)     (19)
At 31 July 2023 860    2,033    2,893 
Net book values
Closing balance as at 31 July 2023 1,158    3,092    4,250 
Opening balance as at 01 September 2022 987    3,117    4,104 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   10,999 
Other Debtors 136   
136    10,999 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   18 
Corporation Tax 1,621    7,260 
VAT   1,660 
Other Creditors 100    4,962 
Directors' Current Accounts 1,992   
3,713    13,900 

4