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Registration number: 07519415

Newport Design Matrix Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Newport Design Matrix Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Newport Design Matrix Limited

Company Information

Directors

Mrs Jacquelyn Ann Macartney

Mr Richard Graham Macartney

Registered office

31 Shepherds Court
Newport
Shropshire
TF10 7XW

Accountants

RM Accounts Services Ltd
Certified Accountants

 

Newport Design Matrix Limited

(Registration number: 07519415)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

303

404

Current assets

 

Debtors

5

-

485

Cash at bank and in hand

 

4,936

12,557

 

4,936

13,042

Creditors: Amounts falling due within one year

6

(1,821)

(10,454)

Net current assets

 

3,115

2,588

Net assets

 

3,418

2,992

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

3,416

2,990

Shareholders' funds

 

3,418

2,992

For the financial year ending 29 February 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
Mr Richard Graham Macartney
Director

 

Newport Design Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
31 Shepherds Court
Newport
Shropshire
TF10 7XW
England

These financial statements were authorised for issue by the Board on 8 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 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

 

Newport Design Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Office Equipment

25% RBM

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Newport Design Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 2 (2023 - 2).

 

Newport Design Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

1,430

1,430

At 29 February 2024

1,430

1,430

Depreciation

At 1 March 2023

1,026

1,026

Charge for the year

101

101

At 29 February 2024

1,127

1,127

Carrying amount

At 29 February 2024

303

303

At 28 February 2023

404

404

5

Debtors

Current

2024
£

2023
£

Other debtors

-

485

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

123

9,596

Accruals and deferred income

-

648

Other creditors

1,698

210

1,821

10,454

7

Share capital

Allotted, called up and fully paid shares

 

Newport Design Matrix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £Nil (2023 - £42,000.00) per ordinary share

 

-

 

42,000