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Matt Weaver Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Ian Roper & Company Ltd
Chartered Accountants
37 Fore Street
Sidmouth
Devon
EX10 8AQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08998781
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 20,624 27,499
Tangible Assets 5 1,495 1,992
22,119 29,491
CURRENT ASSETS
Stocks 6 8,655 8,725
Debtors 7 4,379 4,859
Cash at bank and in hand 173,447 169,003
186,481 182,587
Creditors: Amounts Falling Due Within One Year 8 (50,705 ) (56,272 )
NET CURRENT ASSETS (LIABILITIES) 135,776 126,315
TOTAL ASSETS LESS CURRENT LIABILITIES 157,895 155,806
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (1,621 ) (1,621 )
NET ASSETS 156,274 154,185
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 156,174 154,085
SHAREHOLDERS' FUNDS 156,274 154,185
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Weaver
Director
29th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Matt Weaver Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08998781 . The registered office is 37 Fore Street, Sidmouth, Devon, EX10 8AQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of twelve years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25%
Plant & Machinery 25%
Fixtures & Fittings 25%
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 16)
18 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 109,999
As at 30 November 2023 109,999
Amortisation
As at 1 December 2022 82,500
Provided during the period 6,875
As at 30 November 2023 89,375
Net Book Value
As at 30 November 2023 20,624
As at 1 December 2022 27,499
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 4,177 5,821 10,303 20,301
As at 30 November 2023 4,177 5,821 10,303 20,301
Depreciation
As at 1 December 2022 3,757 5,044 9,508 18,309
Provided during the period 105 193 199 497
As at 30 November 2023 3,862 5,237 9,707 18,806
...CONTINUED
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Net Book Value
As at 30 November 2023 315 584 596 1,495
As at 1 December 2022 420 777 795 1,992
6. Stocks
2023 2022
£ £
Materials 8,655 8,725
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 4,379 4,859
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,705 4,870
Corporation tax 3,824 11,304
Other taxes and social security 172 1,131
VAT 10,168 21,200
Net wages 639 664
Other creditors 2,000 -
Accruals and deferred income 6,353 2,297
Director's loan account 21,844 14,806
50,705 56,272
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 1,621 1,621
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
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11. Controlling Party
The company's controlling party is Mr M Weaver by virtue of his ownership of 75% of the issued share capital in the company.
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