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Registration number: 02460600

Matravers Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Matravers Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Matravers Engineering Limited

Company Information

Directors

Mr J P Matravers

Mrs J Matravers

Mr T J Churchill

Mr R J Matravers

Company secretary

Mrs J Matravers

Registered office

Isle Moor Works
Fivehead
Taunton
Somerset
TA3 6PA

Bankers

Lloyds Bank
31 Fore Street
Taunton
Somerset
TA1 1HN

Accountants

Mitchams Chartered Accountants
1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Matravers Engineering Limited

(Registration number: 02460600)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

126,312

146,508

Current assets

 

Stocks

5

76,002

132,782

Debtors

6

592,510

242,351

Cash at bank and in hand

 

899,906

733,328

 

1,568,418

1,108,461

Creditors: Amounts falling due within one year

7

(394,795)

(182,198)

Net current assets

 

1,173,623

926,263

Total assets less current liabilities

 

1,299,935

1,072,771

Provisions for liabilities

(30,256)

(35,042)

Net assets

 

1,269,679

1,037,729

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,269,579

1,037,629

Shareholders' funds

 

1,269,679

1,037,729

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Matravers Engineering Limited

(Registration number: 02460600)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr J P Matravers
Director

.........................................
Mrs J Matravers
Company secretary and director

 

Matravers Engineering Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Isle Moor Works
Fivehead
Taunton
Somerset
TA3 6PA

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Matravers Engineering Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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 class

Depreciation method and rate

Land and buildings

10 years straight line

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Other property, plant and equipment

10% reducing balance

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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Matravers Engineering Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 23).

 

Matravers Engineering Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

132,540

43,938

29,250

748,455

954,183

Disposals

-

(920)

-

(37,401)

(38,321)

At 31 December 2023

132,540

43,018

29,250

711,054

915,862

Depreciation

At 1 January 2023

130,786

35,015

22,877

618,997

807,675

Charge for the year

438

2,158

1,593

12,637

16,826

Eliminated on disposal

-

(629)

-

(34,322)

(34,951)

At 31 December 2023

131,224

36,544

24,470

597,312

789,550

Carrying amount

At 31 December 2023

1,316

6,474

4,780

113,742

126,312

At 31 December 2022

1,754

8,923

6,373

129,458

146,508

Included within the net book value of land and buildings above is £1,316 (2022 - £1,754) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

27,246

23,577

Work in progress

48,756

109,205

76,002

132,782

6

Debtors

Current

2023
£

2022
£

Trade debtors

279,728

230,483

Prepayments

11,189

11,353

Other debtors

301,593

515

 

592,510

242,351

 

Matravers Engineering Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

39,785

51,812

Taxation and social security

81,342

64,672

Other creditors

273,668

65,714

394,795

182,198

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr J P Matravers

Interest free loan to/(from) director

515

1,030

(515)

1,030

Mr R J Matravers

2.25% interest bearing loan to director

-

300,000

-

300,000

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr J P Matravers

Interest free loan to/(from) director

3,360

515

(3,360)

515