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Mathmos Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 02526274

 

Mathmos Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Mathmos Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

54,267

29,428

Tangible assets

5

109,503

104,935

 

163,770

134,363

Current assets

 

Stocks

6

927,346

1,198,889

Debtors

7

269,417

257,845

Cash at bank and in hand

 

709,292

550,074

 

1,906,055

2,006,808

Creditors: Amounts falling due within one year

8

(380,115)

(439,663)

Net current assets

 

1,525,940

1,567,145

Total assets less current liabilities

 

1,689,710

1,701,508

Creditors: Amounts falling due after more than one year

8

-

(60,000)

Net assets

 

1,689,710

1,641,508

Capital and reserves

 

Called up share capital

45

45

Other reserves

55

55

Profit and loss account

1,689,610

1,641,408

Shareholders' funds

 

1,689,710

1,641,508

 

Mathmos Limited

Balance Sheet

30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 March 2024
 

.........................................
C M Granger
Director

   
     

Company Registration Number: 02526274

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 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:
Unit 3 19 Willis Way
Poole
Dorset
BH15 3SS
United Kingdom

These financial statements were authorised for issue by the director on 13 March 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

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.

These financial statements have been prepared in British pound sterling and rounded to the nearest whole pound.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers in the ordinary course of the company’s activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

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 corporation 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.

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

Plant and machinery

25% p.a. on a straight line basis

Fixtures and fittings

25% p.a. on a straight line basis

Office equipment

25% p.a. on a straight line basis

Computer equipment

33% p.a. on a straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% p.a. on a straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2022 - 29).

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

4

Intangible assets

Software
 £

Total
£

Cost or valuation

At 1 July 2022

80,041

80,041

Additions acquired separately

44,944

44,944

At 30 June 2023

124,985

124,985

Amortisation

At 1 July 2022

50,613

50,613

Amortisation charge

20,105

20,105

At 30 June 2023

70,718

70,718

Carrying amount

At 30 June 2023

54,267

54,267

At 30 June 2022

29,428

29,428

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Plant, machinery and equipment
£

Total
£

Cost or valuation

At 1 July 2022

76,592

473,898

550,490

Additions

39,589

24,000

63,589

At 30 June 2023

116,181

497,898

614,079

Depreciation

At 1 July 2022

47,431

398,124

445,555

Charge for the year

17,347

41,674

59,021

At 30 June 2023

64,778

439,798

504,576

Carrying amount

At 30 June 2023

51,403

58,100

109,503

At 30 June 2022

29,161

75,774

104,935

6

Stocks

2023
£

2022
£

Other inventories

927,346

1,198,889

7

Debtors

2023
£

2022
£

Trade debtors

171,337

187,110

Prepayments

85,615

63,085

Other debtors

12,465

7,650

269,417

257,845

 

Mathmos Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Loans and borrowings

60,000

60,000

Trade creditors

177,327

170,623

Social security and other taxes

41,678

54,041

Outstanding defined contribution pension costs

3,318

2,649

Other creditors

8,968

117,834

Accrued expenses

88,824

34,516

380,115

439,663

Due after one year

Loans and borrowings

-

60,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

60,000

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Other borrowings

-

60,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

60,000

60,000

10

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 £21,378 (2022 - £97,878).