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Company No: 05754646 (England and Wales)

MATRIX WIRING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MATRIX WIRING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MATRIX WIRING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MATRIX WIRING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 56,624 63,534
56,624 63,534
Current assets
Stocks 80,670 88,863
Debtors 4 159,220 86,737
Cash at bank and in hand 27,022 68,477
266,912 244,077
Creditors: amounts falling due within one year 5 ( 120,506) ( 156,097)
Net current assets 146,406 87,980
Total assets less current liabilities 203,030 151,514
Creditors: amounts falling due after more than one year 6 ( 20,000) ( 21,667)
Provision for liabilities ( 9,075) ( 6,806)
Net assets 173,955 123,041
Capital and reserves
Called-up share capital 3 3
Profit and loss account 173,952 123,038
Total shareholder's funds 173,955 123,041

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Matrix Wiring Limited (registered number: 05754646) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D H A Meakin
Director

09 August 2024

MATRIX WIRING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MATRIX WIRING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Matrix Wiring Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Rashs Green, Dereham, NR19 1JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 16,343 187,301 30,332 6,141 10,000 250,117
Additions 0 5,614 0 0 490 6,104
At 31 March 2024 16,343 192,915 30,332 6,141 10,490 256,221
Accumulated depreciation
At 01 April 2023 13,849 137,152 23,039 5,182 7,361 186,583
Charge for the financial year 499 10,549 1,094 192 680 13,014
At 31 March 2024 14,348 147,701 24,133 5,374 8,041 199,597
Net book value
At 31 March 2024 1,995 45,214 6,199 767 2,449 56,624
At 31 March 2023 2,494 50,149 7,293 959 2,639 63,534
Leased assets included above:
Net book value
At 31 March 2024 0 15,406 0 0 0 15,406
At 31 March 2023 0 0 0 0 0 0

4. Debtors

2024 2023
£ £
Trade debtors 150,762 77,423
Prepayments 7,251 6,890
Other debtors 1,207 2,424
159,220 86,737

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 39,996 82,935
Amounts owed to directors 2,340 4,417
Accruals 4,534 4,474
Taxation and social security 48,114 28,156
Obligations under finance leases and hire purchase contracts (secured £(6,667)) 6,667 0
Other creditors 8,855 26,115
120,506 156,097

HP liabilities are secured against the asset which they are funding.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance leases and hire purchase contracts (secured £(8,333)) 8,333 0
20,000 21,667

HP liabilities are secured against the asset which they are funding.

7. Financial commitments

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,789 (2023 -£14,228). Contributions totaling £10,127 (2023 - £26,115) were payable to the fund at the reporting date and are included in creditors.