Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C L Frey 27/03/2020 J G Frey 27/03/2020 M D Frey 09/12/2019 J R Lassman 27/03/2020 11 September 2024 The principal activity of the Company during the financial year was that of investment property. 12354050 2023-12-31 12354050 bus:Director1 2023-12-31 12354050 bus:Director2 2023-12-31 12354050 bus:Director3 2023-12-31 12354050 bus:Director4 2023-12-31 12354050 2022-12-31 12354050 core:CurrentFinancialInstruments 2023-12-31 12354050 core:CurrentFinancialInstruments 2022-12-31 12354050 core:Non-currentFinancialInstruments 2023-12-31 12354050 core:Non-currentFinancialInstruments 2022-12-31 12354050 core:ShareCapital 2023-12-31 12354050 core:ShareCapital 2022-12-31 12354050 core:RetainedEarningsAccumulatedLosses 2023-12-31 12354050 core:RetainedEarningsAccumulatedLosses 2022-12-31 12354050 bus:OrdinaryShareClass1 2023-12-31 12354050 2023-01-01 2023-12-31 12354050 bus:FilletedAccounts 2023-01-01 2023-12-31 12354050 bus:SmallEntities 2023-01-01 2023-12-31 12354050 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12354050 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12354050 bus:Director1 2023-01-01 2023-12-31 12354050 bus:Director2 2023-01-01 2023-12-31 12354050 bus:Director3 2023-01-01 2023-12-31 12354050 bus:Director4 2023-01-01 2023-12-31 12354050 2022-01-01 2022-12-31 12354050 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 12354050 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 12354050 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12354050 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12354050 (England and Wales)

MATOVA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MATOVA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MATOVA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MATOVA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,543,220 1,375,369
1,543,220 1,375,369
Current assets
Debtors 4 14,299 1,006
Cash at bank and in hand 76,378 30,760
90,677 31,766
Creditors: amounts falling due within one year 5 ( 299,782) ( 55,683)
Net current liabilities (209,105) (23,917)
Total assets less current liabilities 1,334,115 1,351,452
Creditors: amounts falling due after more than one year 6 ( 1,317,996) ( 1,317,996)
Net assets 16,119 33,456
Capital and reserves
Called-up share capital 7 4 4
Profit and loss account 16,115 33,452
Total shareholders' funds 16,119 33,456

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Matova Limited (registered number: 12354050) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M D Frey
Director

11 September 2024

MATOVA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MATOVA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Matova Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,375,369
Additions resulting from business combinations 167,851
As at 31 December 2023 1,543,220

Valuation

The 2023 valuations were made by the director, on an open market value for existing use basis.

4. Debtors

2023 2022
£ £
Other debtors 14,299 1,006

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,556 18,548
Taxation and social security 0 7,847
Other creditors 291,226 29,288
299,782 55,683

Included in other creditors is a short term loan secured over the investment property of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,317,996 1,317,996

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
400 Ordinary shares of £ 0.01 each 4 4

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Included in creditors is an amount owed to the directors of the company. 467,996 467,996

These loans are interest free and repayable on demand.