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REGISTERED NUMBER: 04860061 (England and Wales)















P A MATTHEWS & CO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28TH FEBRUARY 2023






P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


P A MATTHEWS & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr A D Matthews
Mr N S Matthews



SECRETARY: Mr A D Matthews



REGISTERED OFFICE: 43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



REGISTERED NUMBER: 04860061 (England and Wales)



ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: Lloyds Bank Plc
5 High Street
Old Town
SWINDON
Wiltshire
SN1 3ED

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 109,644 136,427
Investment property 6 2,968,782 2,790,782
3,078,426 2,927,209

CURRENT ASSETS
Stocks 1,050 1,200
Debtors 7 13,871 9,441
Cash at bank 910,393 795,494
925,314 806,135
CREDITORS
Amounts falling due within one year 8 123,014 115,443
NET CURRENT ASSETS 802,300 690,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,880,726

3,617,901

PROVISIONS FOR LIABILITIES 210,167 135,674
NET ASSETS 3,670,559 3,482,227

CAPITAL AND RESERVES
Called up share capital 9 700 700
Retained earnings 10 3,669,859 3,481,527
SHAREHOLDERS' FUNDS 3,670,559 3,482,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 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.

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2023 and were signed on its behalf by:




Mr A D Matthews - Director



Mr N S Matthews - Director


P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

P A Matthews & Co Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04860061 (England and Wales)

Registered office: 43-45 Devizes Road, Swindon, Wiltshire, SN1 4BG

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.
- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.
- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.
- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.
- Determine the basis of the fair value of the investment property using the director's knowledge of the market and his estimate of the rental multiple.

Turnover
Turnover represents revenue earned under a wide variety of contracts to provide construction services to third parties.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts.

It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding Value Added Tax.

For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised when the contingent event occurs and the recoverability of the fee is assured.

Unbilled revenue is included in debtors, under 'amounts recoverable on contracts'.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2003, has been amortised evenly over its estimated useful life of three years.

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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
Office equipment - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022 140,000
Disposals (140,000 )
At 28th February 2023 -
AMORTISATION
At 1st March 2022 140,000
Eliminated on disposal (140,000 )
At 28th February 2023 -
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st March 2022 601,640
Disposals (35,570 )
At 28th February 2023 566,070
DEPRECIATION
At 1st March 2022 465,213
Charge for year 21,379
Eliminated on disposal (30,166 )
At 28th February 2023 456,426
NET BOOK VALUE
At 28th February 2023 109,644
At 28th February 2022 136,427

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2022 2,790,782
Additions 178,000
At 28th February 2023 2,968,782
NET BOOK VALUE
At 28th February 2023 2,968,782
At 28th February 2022 2,790,782

Fair value at 28th February 2023 is represented by:
£   
Valuation in 2013 242,346
Valuation in 2017 124,992
Valuation in 2018 25,000
Valuation in 2019 123,590
Valuation in 2021 93,300
Valuation in 2022 157,400
Valuation in 2023 178,000
Cost 2,024,154
2,968,782

Investment properties were valued by the directors as at 28 February 2023 on a multiplier of rental value basis, offers received and their knowledge of the market. The directors believe this to be in line with valuation as at the last balance sheet date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,200 -
Amounts recoverable on contract - 4,800
Other debtors 12,671 4,641
13,871 9,441

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,594 2,559
Taxation and social security 53,658 51,649
Other creditors 62,762 61,235
123,014 115,443

P A MATTHEWS & CO LIMITED (REGISTERED NUMBER: 04860061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600 Ordinary £1 600 600
100 Ordinary A £1 100 100
700 700

10. RESERVES

Included within retained earnings is £773,993 (2022: £643,337) which is un-distributable. This amount represents the difference between the fair value at the reporting date and the cost at initial recognition of the investment property, after taking into account any relevant deferred tax liability.