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REGISTERED NUMBER: 09346659 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Matai Stone Limited

Matai Stone Limited (Registered number: 09346659)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Matai Stone Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Mataj
R Matai





REGISTERED OFFICE: Nicholson House
41 Thames Street
Weybridge
Surrey
KT13 8JG





REGISTERED NUMBER: 09346659 (England and Wales)





ACCOUNTANTS: Sterling Ellis
Tax and Business Consultants
Nicholson House
41 Thames Street
Weybridge
Surrey
KT13 8JG

Matai Stone Limited (Registered number: 09346659)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,365 87,753
Investment property 5 515,238 511,014
600,603 598,767

CURRENT ASSETS
Debtors 6 290,298 291,714
Cash at bank 71,918 152,102
362,216 443,816
CREDITORS
Amounts falling due within one year 7 228,653 285,647
NET CURRENT ASSETS 133,563 158,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

734,166

756,936

CREDITORS
Amounts falling due after more than one
year

8

(239,118

)

(266,473

)

PROVISIONS FOR LIABILITIES (16,245 ) (20,875 )
NET ASSETS 478,803 469,588

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 478,801 469,586
SHAREHOLDERS' FUNDS 478,803 469,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Matai Stone Limited (Registered number: 09346659)

Balance Sheet - continued
31 December 2023


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 3 September 2024 and were signed on its behalf by:




B Mataj - Director



R Matai - Director


Matai Stone Limited (Registered number: 09346659)

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

1. STATUTORY INFORMATION

Matai Stone 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 as modified by the revaluation of certain assets.

The directors expect that trading over the next twelve months will generate positive cash flows and have therefore continued to adopt the going concern basis of preparing the financial statements

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Depreciation is not provided on the investment property. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the property is not held for consumption but for investment and the directors consider that systematic annual depreciation would not be inappropriate.The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Matai Stone Limited (Registered number: 09346659)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 145,970
Additions 22,412
At 31 December 2023 168,382
DEPRECIATION
At 1 January 2023 58,217
Charge for year 24,800
At 31 December 2023 83,017
NET BOOK VALUE
At 31 December 2023 85,365
At 31 December 2022 87,753

Matai Stone Limited (Registered number: 09346659)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 46,282
DEPRECIATION
At 1 January 2023 14,155
Charge for year 8,032
At 31 December 2023 22,187
NET BOOK VALUE
At 31 December 2023 24,095
At 31 December 2022 32,127

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 511,014
Additions 4,224
At 31 December 2023 515,238
NET BOOK VALUE
At 31 December 2023 515,238
At 31 December 2022 511,014

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 13,499
Valuation in 2022 (13,499 )
Cost 515,238
515,238

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 515,238 511,014

The investment property was valued on an open market basis on 31 December 2023 by the directors .

Matai Stone Limited (Registered number: 09346659)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 85,214 107,289
Amounts recoverable on contract - 50,000
Other debtors 205,084 134,425
290,298 291,714

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 15,818 15,103
Hire purchase contracts 8,833 8,833
Trade creditors 96,840 107,912
Taxation and social security 45,992 93,155
Other creditors 61,170 60,644
228,653 285,647

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 232,452 250,974
Hire purchase contracts 6,666 15,499
239,118 266,473

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 54,785 62,160

Repayable by instalments
Bank loans more 5 yr by instal 135,665 138,846

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 248,270 266,077
Hire purchase contracts 15,499 24,332
263,769 290,409

The company has provided fixed and floating charges over its assets including the residential property it owns to secure some of its bank loans.

Amount due on finance leases are secured on the asset to which the lease relates.

Matai Stone Limited (Registered number: 09346659)

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

10. OTHER FINANCIAL COMMITMENTS

The company had additional leasing commitments of £2,198 as at the balance sheet date.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £58,000 (2022 - £100,000) were paid to the directors.

The company was owed £204,676 (2022: £103,159) by Matai Properties Limited, a company under the same control.