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REGISTERED NUMBER: 03736957 (England and Wales)










Russell Matthews Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Russell Matthews Limited (Registered number: 03736957)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Russell Matthews Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R Matthews
S Matthews





SECRETARY: S Matthews





REGISTERED OFFICE: 7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA





REGISTERED NUMBER: 03736957 (England and Wales)

Russell Matthews Limited (Registered number: 03736957)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 3,650,025 2,594,762
3,650,025 2,594,762

CURRENT ASSETS
Debtors 7 2,020 2,262
Cash at bank 45,042 9,511
47,062 11,773
CREDITORS
Amounts falling due within one year 8 (2,241,401 ) (1,476,222 )
NET CURRENT LIABILITIES (2,194,339 ) (1,464,449 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,455,686

1,130,313

CREDITORS
Amounts falling due after more than one
year

9

(946,538

)

(946,538

)

PROVISIONS FOR LIABILITIES (281,326 ) (18,120 )
NET ASSETS 227,822 165,655

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 969,446 179,827
Profit and loss account (741,724 ) (14,272 )
227,822 165,655

Russell Matthews Limited (Registered number: 03736957)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





R Matthews - Director


Russell Matthews Limited (Registered number: 03736957)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. GENERAL INFORMATION

Russell Matthews 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.

GOING CONCERN
The financial statements have been prepared on a going concern basis.

REVENUE RECOGNITION
Turnover represents rents receivable, which are recognised in the accounting period to which they relate.

The company recognizes turnover when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

GOODWILL
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset classAmortisation method and rate
Goodwillover 5 years

INVESTMENT PROPERTY
Investment properties are carried at fair value, determined annually by the directors. The directors use observable market data, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Fair value gains and losses along with the associated deferred tax are transferred to a separate revaluation reserve as shown in the statement of changes in equity.

Russell Matthews Limited (Registered number: 03736957)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset classDepreciation method and rate
Fixtures, fittings and equipment25% reducing balance basis
Freehold investment propertiesNot depreciated

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk off
change in value.

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.

Russell Matthews Limited (Registered number: 03736957)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 40,000
AMORTISATION
At 1 April 2023
and 31 March 2024 40,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. TANGIBLE FIXED ASSETS
Freehold Fixtures
investment and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 2,594,728 3,397 2,598,125
Additions 16,500 - 16,500
Revaluations 1,052,825 - 1,052,825
Adjustment to cost (14,053 ) - (14,053 )
At 31 March 2024 3,650,000 3,397 3,653,397
DEPRECIATION
At 1 April 2023 - 3,363 3,363
Charge for year - 9 9
At 31 March 2024 - 3,372 3,372
NET BOOK VALUE
At 31 March 2024 3,650,000 25 3,650,025
At 31 March 2023 2,594,728 34 2,594,762

The original cost of the Freehold Investment property is £2,403,126.

Russell Matthews Limited (Registered number: 03736957)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax - 405
Prepayments 2,020 1,857
2,020 2,262

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 640,634 648,385
Directors' current accounts 1,593,232 826,320
Accruals and deferred income 7,535 1,517
2,241,401 1,476,222

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Loans and borrowings 946,538 946,538

Amounts falling due in more than five years:

Repayable by instalments
Loans and borrowings 946,538 946,538

Loans and borrowings of £946,538 are due after more than five years and not payable by instalments.