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Registration number: 07551359

Matthew Burt Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Matthew Burt Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Matthew Burt Limited

(Registration number: 07551359)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,667

41,851

Current assets

 

Stocks

5

106,082

107,004

Debtors

6

63,525

31,861

Cash at bank and in hand

 

18,420

529

 

188,027

139,394

Creditors: Amounts falling due within one year

7

(173,184)

(214,414)

Net current assets/(liabilities)

 

14,843

(75,020)

Total assets less current liabilities

 

41,510

(33,169)

Creditors: Amounts falling due after more than one year

7

(178,609)

(193,171)

Net liabilities

 

(137,099)

(226,340)

Capital and reserves

 

Called up share capital

143

143

Share premium reserve

298,928

298,928

Retained earnings

(436,170)

(525,411)

Shareholders' deficit

 

(137,099)

(226,340)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Matthew Burt Limited

(Registration number: 07551359)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................
M P Burt
Director

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Matthew Burt Showroom
High Street
Hindon
Salisbury
Wiltshire
SP3 6DR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Leasehold land and buildings

over the term of the lease

Plant and machinery

25% on cost and reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

145,490

123,435

268,925

Additions

-

5,017

5,017

At 31 May 2023

145,490

128,452

273,942

Depreciation

At 1 June 2022

118,958

108,116

227,074

Charge for the year

14,549

5,652

20,201

At 31 May 2023

133,507

113,768

247,275

Net book value

At 31 May 2023

11,983

14,684

26,667

At 31 May 2022

26,532

15,319

41,851

5

Stocks

2023
£

2022
£

Stock

106,082

107,004

6

Debtors

2023
£

2022
£

Trade debtors

63,525

31,861

63,525

31,861

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

5,000

14,980

Trade creditors

 

25,164

46,186

Taxation and social security

 

20,858

15,479

Other creditors

 

122,162

137,769

 

173,184

214,414

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

157,700

163,112

Other non-current financial liabilities

 

20,909

30,059

 

178,609

193,171

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,167

19,579

Other borrowings

143,533

143,533

157,700

163,112

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,004

Bank overdrafts

-

9,976

5,000

14,980

 

Matthew Burt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Other borrowings

The loan, from one of the directors, which is included in other creditors is denominated in with a nominal interest rate of 3.5%, and the final instalment is due on 21 May 2025. The carrying amount at year end is £28,912 (2022 - £38,063).

Shareholder loans is denominated in with a nominal interest rate of 2.5%. The carrying amount at year end is £131,602 (2022 - £131,602).

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,150 (2022 - £63,248).