REGISTERED NUMBER: |
Matafan UK Limited |
Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Matafan UK Limited |
Financial Statements |
for the Year Ended 29 February 2024 |
Matafan UK Limited (Registered number: 09439783) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Matafan UK Limited |
Company Information |
for the year ended 29 February 2024 |
Director: |
Registered office: |
Registered number: |
Matafan UK Limited (Registered number: 09439783) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Matafan UK Limited (Registered number: 09439783) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | Statutory information |
Matafan UK Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
A summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year, is set out below. The financial statements are presented in Sterling (£). |
Turnover |
Turnover comprises of the fair value of the consideration received or receivable for the company's share of profits earned by investments in Limited Partnerships. Turnover is recognised in the period to which the share of profits relates. |
Interest income |
Interest income is recognised using the effective interest method. When a loan receivable is impaired, the company reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. |
Income from fixed asset investments |
Income from fixed asset investments comprises income received on unlisted investments. Income from fixed asset investments is recognised at the fair value of the consideration received and is recognised in the period to which the income relates. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
Matafan UK Limited (Registered number: 09439783) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank and trade and other payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets - classified as basic financial instruments |
(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Other receivables |
Other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. Amounts that are receivable in more than one year are measured at amortised cost using the effective interest method less provision for impairment. |
At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Fixed Asset Investments |
Upon initial recognition, investments are included at their initial fair value, which is cost. Subsequently investments are valued at 'fair value ' which are measured as follows: |
Investments listed on recognised exchanges are valued at their bid prices at the end of the accounting period or otherwise at fair value based on published price quotations. |
Unquoted investments are value using the fair value measurement in FRS 102 using the hierarchy model outlined below: |
a) Active market price e.g. bid price |
b) Price of recent transaction for an identical asset in an arm's length transaction. |
c) Estimate of fair value using another valuation technique in an arm's length exchange |
d) Cost less impairment |
Financial Liabilities - classified as basic financial instruments |
(iv) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable in more than one year are measured at the discounted amount of the cash expected to be paid. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
Matafan UK Limited (Registered number: 09439783) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
4. | Fixed asset investments |
2024 | 2023 |
£ | £ |
Other investments not loans |
Other loans |
Additional information is as follows: |
Unlisted |
investments |
£ |
Cost |
At 1 March 2023 |
Additions |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Other loans |
£ |
At 1 March 2023 |
Repayment in year | ( |
) |
Other movement |
At 29 February 2024 |
The loan carries yearly interest of 2%. The loan receivable is repayable on 31 December 2025 however the loan can be repaid anytime before this date with no penalty or fine. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
Directors' current accounts | 330 | 330 |
Accrued expenses |