Company registration number 09571187 (England and Wales)
MATVEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MATVEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MATVEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
56,887
68,065
Current assets
Stocks
11,461
9,816
Debtors
5
478,158
497,110
Cash at bank and in hand
134,988
70,091
624,607
577,017
Creditors: amounts falling due within one year
6
(139,942)
(172,501)
Net current assets
484,665
404,516
Total assets less current liabilities
541,552
472,581
Creditors: amounts falling due after more than one year
7
(18,333)
(28,333)
Provisions for liabilities
(11,793)
(14,074)
Net assets
511,426
430,174
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
511,326
430,074
Total equity
511,426
430,174

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MATVEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr H J Brown
Director
Company registration number 09571187 (England and Wales)
MATVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Matvey Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Value House, Clovelly Road, Bideford, Devon, EX39 3HN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

 

Restaurant income is recognised at the point of despatch of food and beverage items.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% per annum on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the lease term
Plant and equipment
10%/ 15% per annum on cost

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MATVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
18
19
MATVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
2,734
Amortisation and impairment
At 1 January 2023 and 31 December 2023
2,734
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
8,255
125,701
133,956
Additions
-
0
3,480
3,480
Disposals
-
0
(2,075)
(2,075)
At 31 December 2023
8,255
127,106
135,361
Depreciation and impairment
At 1 January 2023
3,306
62,585
65,891
Depreciation charged in the year
826
12,722
13,548
Eliminated in respect of disposals
-
0
(965)
(965)
At 31 December 2023
4,132
74,342
78,474
Carrying amount
At 31 December 2023
4,123
52,764
56,887
At 31 December 2022
4,949
63,116
68,065
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
328
Amounts owed by group undertakings
69,043
87,728
Other debtors
409,115
409,054
478,158
497,110
MATVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
20,000
Trade creditors
51,227
36,455
Amounts owed to group undertakings
-
0
23,917
Taxation and social security
46,236
21,623
Other creditors
32,479
70,506
139,942
172,501
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
28,333
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

Connected company debt of £736k (2022: £901k) is secured on the assets of this company.

 

Fellow group company debt of £18k (2022: £35k) is secured on the assets of this company.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
13,350
32,583
13,350
32,583
11
Parent company

Matvey Limited is a wholly owned subsidiary of Symbro Group Limited, whose registered office is 2nd Floor Value House, Clovelly Road, Bideford, Devon, EX39 3HN.

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