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Registration number: 06941537

Mathison Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Mathison Engineering Limited

Contents

Company Information

1

Income Statement

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Mathison Engineering Limited

Company Information

Director

Mr John Stephen Mathison

Registered office

Unit 7
Westfield Road Industrial Estate
Gosport
PO12 3RX

Accountants

Deborah Rees ACMA
AIMS Accountants for Business
5 Benedict Close
Romsey
Hampshire
SO51 8PN

 

Mathison Engineering Limited

Income Statement for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

673,303

519,099

Cost of sales

 

(436,694)

(379,054)

Gross profit

 

236,609

140,045

Administrative expenses

 

(97,314)

(69,654)

Operating profit

 

139,295

70,391

Interest payable and similar expenses

 

(4,810)

(10,430)

Profit before tax

134,485

59,961

Tax on profit

 

(19,460)

(16,579)

Profit for the financial year

 

115,025

43,382

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mathison Engineering Limited

(Registration number: 06941537)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

52,004

55,816

Current assets

 

Stocks

5

30,000

60,000

Debtors

6

55,478

52,075

Cash at bank and in hand

 

140,428

32,855

 

225,906

144,930

Creditors: Amounts falling due within one year

7

(110,834)

(93,468)

Net current assets

 

115,072

51,462

Total assets less current liabilities

 

167,076

107,278

Creditors: Amounts falling due after more than one year

7

(54,404)

(61,406)

Provisions for liabilities

(9,881)

(10,605)

Net assets

 

102,791

35,267

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

102,789

35,265

Shareholders' funds

 

102,791

35,267

For the financial year ending 30 November 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.

 

Mathison Engineering Limited

(Registration number: 06941537)
Balance Sheet as at 30 November 2023

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 Income Statement.

Approved and authorised by the director on 5 August 2024
 

.........................................
Mr John Stephen Mathison
Director

 

Mathison Engineering Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

2

35,264

35,266

Profit for the year

-

115,025

115,025

Dividends

-

(47,500)

(47,500)

At 30 November 2023

2

102,789

102,791

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

2

26,883

26,885

Profit for the year

-

43,382

43,382

Dividends

-

(35,000)

(35,000)

At 30 November 2022

2

35,265

35,267

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
Unit 7
Westfield Road Industrial Estate
Gosport
PO12 3RX

These financial statements were authorised for issue by the director on 5 August 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.

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.

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

20% Reducing Balance

Office equipment

20% 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.

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 income statement 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.

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.

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.

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

189,001

9,538

198,539

Additions

6,918

768

7,686

At 30 November 2023

195,919

10,306

206,225

Depreciation

At 1 December 2022

135,802

6,921

142,723

Charge for the year

10,894

604

11,498

At 30 November 2023

146,696

7,525

154,221

Carrying amount

At 30 November 2023

49,223

2,781

52,004

At 30 November 2022

53,199

2,617

55,816

5

Stocks

2023
£

2022
£

Other inventories

30,000

60,000

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

53,537

50,274

Prepayments

1,535

1,461

Other debtors

406

340

 

55,478

52,075

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,414

14,029

Trade creditors

 

21,214

43,742

Taxation and social security

 

80,899

34,544

Other creditors

 

4,307

1,153

 

110,834

93,468

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

54,404

61,406

2023
£

2022
£

Due after more than five years

After more than five years by instalments

9,609

15,872

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

B Non Voting Ordinary of £1 each

1

1

1

1

2

2

2

2

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

54,404

61,406

Current loans and borrowings

 

Mathison Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Bank borrowings

4,414

14,029

10

Dividends

2023

2022

£

£

Interim dividend of £47,500 (2022 - £35,000) per ordinary share

47,500

35,000

 

 

11

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary and was taken over on the 7th February 2024.

 The company's immediate parent is Mathison Holdings Limited, incorporated in Engalnd and Wales.

 The ultimate controlling party is Mr John Stephen Mathison.