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REGISTERED NUMBER: 09817982 (England and Wales)



Financial Statements for the Year Ended 31 December 2023

for

Matchstick Monkey Limited

Matchstick Monkey Limited (Registered number: 09817982)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 8


Matchstick Monkey Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr T Suleyman
Ms K A Windridge
Mr S L Windridge



SECRETARY: Mr S D Karunyanesan



REGISTERED OFFICE: 3rd Floor
9 Hatton Street
London
NW8 8PL



REGISTERED NUMBER: 09817982 (England and Wales)



SENIOR STATUTORY AUDITOR: Suraj Shah BFP ACA FCCA



AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Matchstick Monkey Limited (Registered number: 09817982)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 5 125,326 134,327
Tangible assets 6 73,277 81,882
Investments 7 111,852 111,852
310,455 328,061

CURRENT ASSETS
Stocks 817,243 1,074,715
Debtors 8 962,141 962,545
Cash at bank 504,779 253,507
2,284,163 2,290,767
CREDITORS
Amounts falling due within one year 9 (607,440 ) (456,840 )
NET CURRENT ASSETS 1,676,723 1,833,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,987,178

2,161,988

CREDITORS
Amounts falling due after more than one
year

10

(492,545

)

(675,918

)

PROVISIONS FOR LIABILITIES (20,128 ) (19,608 )
NET ASSETS 1,474,505 1,466,462

CAPITAL AND RESERVES
Called up share capital 11 211 211
Share premium 12 5,989 5,989
Retained earnings 12 1,468,305 1,460,262
SHAREHOLDERS' FUNDS 1,474,505 1,466,462

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




Mr T Suleyman - Director


Matchstick Monkey Limited (Registered number: 09817982)

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


1. STATUTORY INFORMATION

Matchstick Monkey Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover
Turnover from the sale of is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Investments in subsidiaries
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Matchstick Monkey Limited (Registered number: 09817982)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

Foreign currency transactions and balances
Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Matchstick Monkey Limited (Registered number: 09817982)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going Concern
As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

Matchstick Monkey Limited (Registered number: 09817982)

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


4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

4,000

4,000

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 197,996
Additions 13,285
At 31 December 2023 211,281
AMORTISATION
At 1 January 2023 63,669
Charge for year 22,286
At 31 December 2023 85,955
NET BOOK VALUE
At 31 December 2023 125,326
At 31 December 2022 134,327

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 276,592
Additions 56,227
At 31 December 2023 332,819
DEPRECIATION
At 1 January 2023 194,710
Charge for year 64,832
At 31 December 2023 259,542
NET BOOK VALUE
At 31 December 2023 73,277
At 31 December 2022 81,882

Matchstick Monkey Limited (Registered number: 09817982)

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


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 111,852
NET BOOK VALUE
At 31 December 2023 111,852
At 31 December 2022 111,852

8. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 731,945 509,676
Other debtors 13,464 75,971
745,409 585,647

Amounts falling due after more than one year:
Amounts owed by group undertakings 125,732 300,898
Other debtors 91,000 76,000
216,732 376,898

Aggregate amounts 962,141 962,545

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 463,473 398,840
Taxation and social security 80,168 13,572
Other creditors 63,799 44,428
607,440 456,840

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 492,545 675,918

The other creditors includes a sum of £287,500 (2022: £437,500) owed to Lloyds Bank PLC relating to CBILS. This amount is secured by fixed and floating charge over the assets of the company.

Matchstick Monkey Limited (Registered number: 09817982)

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


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20,000 Ordinary 0.01 200 200
1,054 B Ordinary 0.01 11 11
211 211

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,460,262 5,989 1,466,251
Profit for the year 8,043 8,043
At 31 December 2023 1,468,305 5,989 1,474,294

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership

14. RELATED PARTY DISCLOSURES

During the year, the company paid management charges of £286,200 (2022: £211,500) to Low Profile Fashions Limited. These management charges relate to administrative costs.

During the year, the company paid management charges of £26,875 (2022: £106,500) to Hawes and Curtis Limited. These management charges relate to administrative costs.

During the year, the company received royalty and management charges of £0 (2022: £3,972) from Matchstick Monkey Inc.

During the year, the company received management charges of £21,500 (2022: £0) from Babocush Limited. These management charges relate to administrative costs.

The company owed the amount of £38,281 (2022: £161,729) to Low Profile Fashions Limited at the year-end.

The company owed the amount of £165,000 (2022: £70,000) to Low Profile Holdings Limited at the year-end.

The company owed the amount of £1,764 (2022: £6,689) to Hawes & Curtis Limited at the year-end.

The company was owed the amount of £85,000 (2022: £70,000) from Baby Grey Ltd at the year-end.

The company was owed the amount of £125,732 (2022: £300,898) from Matchstick Monkey USA Inc at the year-end.

All the above companies are under common control of the director Mr T Suleyman.