REGISTERED NUMBER: |
P A MATTHEWS & CO LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
28TH FEBRUARY 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
BANKERS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Plant and machinery | - |
Office equipment | - |
Motor vehicles | - |
Computer equipment | - |
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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st March 2022 |
Disposals | ( |
) |
At 28th February 2023 |
AMORTISATION |
At 1st March 2022 |
Eliminated on disposal | ( |
) |
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 |
Disposals | ( |
) |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
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 |
Additions |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
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 |
Amounts recoverable on contract |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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: | £ | £ |
Ordinary | £1 | 600 | 600 |
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. |