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REGISTERED NUMBER: 10435326 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Matrix Healthcare Solutions Limited

Matrix Healthcare Solutions Limited (Registered number: 10435326)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Matrix Healthcare Solutions Limited (Registered number: 10435326)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,275,321 1,275,321
Tangible assets 5 18,637 2,119
Investments 6 9,091 9,091
1,303,049 1,286,531

CURRENT ASSETS
Stocks 1,354,365 -
Debtors 7 1,534,871 307,499
Cash at bank 1,509,120 439,699
4,398,356 747,198
CREDITORS
Amounts falling due within one year 8 3,629,010 572,964
NET CURRENT ASSETS 769,346 174,234
TOTAL ASSETS LESS CURRENT LIABILITIES 2,072,395 1,460,765

CREDITORS
Amounts falling due after more than one year 9 (41,667 ) (125,000 )

PROVISIONS FOR LIABILITIES (245,852 ) (242,714 )
NET ASSETS 1,784,876 1,093,051

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 89,950 89,950
Retained earnings 1,694,826 1,003,001
SHAREHOLDERS' FUNDS 1,784,876 1,093,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Matrix Healthcare Solutions Limited (Registered number: 10435326)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





Mr C E Toomey - Director


Matrix Healthcare Solutions Limited (Registered number: 10435326)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Matrix Healthcare Solutions 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: 10435326

Registered office: 23S46 Mereside
Alderley Park
Alderley Edge
Cheshire
SK10 4TG

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Development costs
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate:

a) the technical feasibility of completing the intangible asset so that it will be available for use or sale,
b) its intention to complete and its ability to use or sell the asset,
c) how the asset will generate future economic benefits,
d) the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit which is estimated as 10 years. During the period of development the asset is tested for impairment annually.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


Matrix Healthcare Solutions Limited (Registered number: 10435326)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 November 2022
and 31 October 2023 1,275,321
NET BOOK VALUE
At 31 October 2023 1,275,321
At 31 October 2022 1,275,321

Matrix Healthcare Solutions Limited (Registered number: 10435326)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 - 29,384 29,384
Additions 283 22,035 22,318
At 31 October 2023 283 51,419 51,702
DEPRECIATION
At 1 November 2022 - 27,265 27,265
Charge for year 56 5,744 5,800
At 31 October 2023 56 33,009 33,065
NET BOOK VALUE
At 31 October 2023 227 18,410 18,637
At 31 October 2022 - 2,119 2,119

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 9,091
NET BOOK VALUE
At 31 October 2023 9,091
At 31 October 2022 9,091

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,635 18,324
Amounts owed by group undertakings 1,191,895 -
Other debtors 257,341 289,175
1,534,871 307,499

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 83,333 83,333
Trade creditors 55,213 135,020
Taxation and social security 216,291 17,197
Other creditors 3,274,173 337,414
3,629,010 572,964

Matrix Healthcare Solutions Limited (Registered number: 10435326)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 41,667 125,000