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Registration number: 04936484

Matnico Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Matnico Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Matnico Limited

Company Information

Director

Mr Gary Bennett

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Matnico Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Matnico Limited for the year ended 31 October 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Matnico Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Matnico Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Matnico Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

31 July 2024

 

Matnico Limited

(Registration number: 04936484)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,691

25,862

Current assets

 

Stocks

5

42,895

40,250

Debtors

6

53,079

60,990

Cash at bank and in hand

 

15,370

7,516

 

111,344

108,756

Creditors: Amounts falling due within one year

7

(46,516)

(29,982)

Net current assets

 

64,828

78,774

Total assets less current liabilities

 

85,519

104,636

Creditors: Amounts falling due after more than one year

7

(9,420)

(23,218)

Provisions for liabilities

-

1,016

Net assets

 

76,099

82,434

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

75,999

82,334

Shareholders' funds

 

76,099

82,434

For the financial year ending 31 October 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 his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

 

Matnico Limited

(Registration number: 04936484)
Balance Sheet as at 31 October 2023

.........................................
Mr Gary Bennett
Director

 

Matnico Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the director on 31 July 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).

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.

 

Matnico Limited

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

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.

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

Motor vehicles

20% on reducing balance

Furniture and fittings

20% on 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.

 

Matnico Limited

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

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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.

 

Matnico Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 10).

 

Matnico Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

11,934

20,329

45,589

77,852

At 31 October 2023

11,934

20,329

45,589

77,852

Depreciation

At 1 November 2022

11,470

9,018

31,502

51,990

Charge for the year

92

2,262

2,817

5,171

At 31 October 2023

11,562

11,280

34,319

57,161

Carrying amount

At 31 October 2023

372

9,049

11,270

20,691

At 31 October 2022

464

11,311

14,087

25,862

5

Stocks

2023
£

2022
£

Work in progress

27,845

27,750

Other inventories

15,050

12,500

42,895

40,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

27,852

17,300

Other debtors

25,227

43,690

 

53,079

60,990

7

Creditors

Creditors: amounts falling due within one year

 

Matnico Limited

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

2023
£

2022
£

Due within one year

Trade creditors

16,927

6,683

Taxation and social security

17,773

21,930

Other creditors

11,816

1,369

46,516

29,982

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,420

23,218

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

9,420

23,218

10

Dividends

2023

2022

£

£

 

 

11

Related party transactions

 

Matnico Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,000

9,000