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COMPANY REGISTRATION NUMBER: 06101128
MATTHEW JAMES CONSULTING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MATTHEW JAMES CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,627
21,463
Current assets
Debtors
6
30,977
57,832
Cash at bank and in hand
160,609
159,901
----------
----------
191,586
217,733
Creditors: amounts falling due within one year
7
125,420
140,695
----------
----------
Net current assets
66,166
77,038
---------
---------
Total assets less current liabilities
84,793
98,501
Provisions
Taxation including deferred tax
24
734
---------
---------
Net assets
84,769
97,767
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
84,569
97,567
---------
---------
Shareholders funds
84,769
97,767
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MATTHEW JAMES CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr J R Carpenter
Director
Company registration number: 06101128
MATTHEW JAMES CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office
-
10% straight line
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
25,749
18,606
44,355
Additions
797
797
---------
---------
---------
At 31 March 2024
25,749
19,403
45,152
---------
---------
---------
Depreciation
At 1 April 2023
7,725
15,167
22,892
Charge for the year
2,574
1,059
3,633
---------
---------
---------
At 31 March 2024
10,299
16,226
26,525
---------
---------
---------
Carrying amount
At 31 March 2024
15,450
3,177
18,627
---------
---------
---------
At 31 March 2023
18,024
3,439
21,463
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
30,182
57,037
Other debtors
795
795
---------
---------
30,977
57,832
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
195
1,311
Trade creditors
3,225
6,668
Corporation tax
13,968
23,221
Social security and other taxes
11,160
12,585
Other creditors
96,872
96,910
----------
----------
125,420
140,695
----------
----------
8. Director's advances, credits and guarantees
Included within creditors falling due in less than one year are directors' loans totalling £91,312 (2023: £89,437). These loans are interest free and repayable on demand.
9. Related party transactions
The company was under the control of Mr Carpenter throughout the current and previous year. Mr Carpenter is the managing director and majority shareholder.