Company Registration No. 06309092 (England and Wales)
MATRIX FOOTWEAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
MATRIX FOOTWEAR LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MATRIX FOOTWEAR LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,114
5,506
Tangible assets
4
41,203
43,205
45,317
48,711
Current assets
Stocks
6,115
15,119
Debtors
5
2,067,586
2,024,522
Cash at bank and in hand
3,245,586
1,413,751
5,319,287
3,453,392
Creditors: amounts falling due within one year
6
(3,893,827)
(2,371,442)
Net current assets
1,425,460
1,081,950
Total assets less current liabilities
1,470,777
1,130,661
Provisions for liabilities
(6,925)
(10,801)
Net assets
1,463,852
1,119,860
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,462,852
1,118,860
Total equity
1,463,852
1,119,860
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MATRIX FOOTWEAR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
Mr G A Hawkesford
Director
Company registration number 06309092 (England and Wales)
MATRIX FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Matrix Footwear Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celixir House, Stratford Business & Technology Park, Innovation Way, Banbury Road, Stratford-upon-Avon, Warwickshire, United Kingdom, CV37 7GZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
evenly over their estimates useful life of five years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
various in accordance with the asset
Computers
33% straight line basis
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MATRIX FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
MATRIX FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants are recognised in profit or loss on a systematic basis over the period in which the company recognises expenses for the related costs for which the grants are intended to compensate. Grants relate to the income received as a result of the Covid pandemic.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 May 2023
8,960
Additions
500
At 30 April 2024
9,460
Amortisation and impairment
At 1 May 2023
3,454
Amortisation charged for the year
1,892
At 30 April 2024
5,346
Carrying amount
At 30 April 2024
4,114
At 30 April 2023
5,506
MATRIX FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
2,531
24,998
34,996
40,972
103,497
Additions
11,698
11,698
Disposals
(4,133)
(4,133)
At 30 April 2024
2,531
24,998
42,561
40,972
111,062
Depreciation and impairment
At 1 May 2023
623
23,522
25,904
10,243
60,292
Depreciation charged in the year
476
369
5,056
7,682
13,583
Eliminated in respect of disposals
(4,016)
(4,016)
At 30 April 2024
1,099
23,891
26,944
17,925
69,859
Carrying amount
At 30 April 2024
1,432
1,107
15,617
23,047
41,203
At 30 April 2023
1,908
1,476
9,092
30,729
43,205
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,942,904
1,893,942
Other debtors
124,682
130,580
2,067,586
2,024,522
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,574,175
2,120,043
Taxation and social security
114,672
75,505
Other creditors
1,204,980
175,894
3,893,827
2,371,442
MATRIX FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Other financial commitments
The company had total commitments at the balance sheet date of £22,641 (2023: £47,828).