Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Jason Alan Elder 09/12/2014 Joyce Lean Lunsford 09/12/2014 Gregory Alan Molter 09/12/2014 Ian David Smith 16/02/2015 Grahame Laurence Wardall 16/02/2015 24 September 2024 The principal activity of the Company during the financial year was that of a holding company. 09347410 2023-12-31 09347410 bus:Director1 2023-12-31 09347410 bus:Director2 2023-12-31 09347410 bus:Director3 2023-12-31 09347410 bus:Director4 2023-12-31 09347410 bus:Director5 2023-12-31 09347410 2022-12-31 09347410 core:CurrentFinancialInstruments 2023-12-31 09347410 core:CurrentFinancialInstruments 2022-12-31 09347410 core:Non-currentFinancialInstruments 2023-12-31 09347410 core:Non-currentFinancialInstruments 2022-12-31 09347410 core:ShareCapital 2023-12-31 09347410 core:ShareCapital 2022-12-31 09347410 core:SharePremium 2023-12-31 09347410 core:SharePremium 2022-12-31 09347410 core:RetainedEarningsAccumulatedLosses 2023-12-31 09347410 core:RetainedEarningsAccumulatedLosses 2022-12-31 09347410 core:CostValuation 2022-12-31 09347410 core:CostValuation 2023-12-31 09347410 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 09347410 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 09347410 bus:OrdinaryShareClass1 2023-12-31 09347410 bus:OrdinaryShareClass2 2023-12-31 09347410 bus:OrdinaryShareClass3 2023-12-31 09347410 bus:OrdinaryShareClass4 2023-12-31 09347410 2023-01-01 2023-12-31 09347410 bus:FilletedAccounts 2023-01-01 2023-12-31 09347410 bus:SmallEntities 2023-01-01 2023-12-31 09347410 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09347410 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09347410 bus:Director1 2023-01-01 2023-12-31 09347410 bus:Director2 2023-01-01 2023-12-31 09347410 bus:Director3 2023-01-01 2023-12-31 09347410 bus:Director4 2023-01-01 2023-12-31 09347410 bus:Director5 2023-01-01 2023-12-31 09347410 2022-01-01 2022-12-31 09347410 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 09347410 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09347410 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 09347410 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 09347410 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 09347410 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 09347410 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 09347410 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 09347410 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09347410 (England and Wales)

MAT INTERCO LIMITED

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

MAT INTERCO LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MAT INTERCO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MAT INTERCO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 3,312,199 3,312,199
3,312,199 3,312,199
Current assets
Debtors 4 449,643 1,556,607
Cash at bank and in hand 4,863 36,484
454,506 1,593,091
Creditors: amounts falling due within one year 5 ( 2,586,551) ( 2,162,438)
Net current liabilities (2,132,045) (569,347)
Total assets less current liabilities 1,180,154 2,742,852
Creditors: amounts falling due after more than one year 6 ( 542,461) ( 573,133)
Net assets 637,693 2,169,719
Capital and reserves
Called-up share capital 7 2,212 2,212
Share premium account 0 2,247,298
Profit and loss account 635,481 ( 79,791 )
Total shareholders' funds 637,693 2,169,719

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 Mat Interco Limited (registered number: 09347410) were approved and authorised for issue by the Director on 24 September 2024. They were signed on its behalf by:

Gregory Alan Molter
Director
MAT INTERCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MAT INTERCO 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

Mat Interco 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 1 Hameldown Road, Exeter Road Industrial Estate, Okehampton, EX20 1UB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 5 5

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 3,312,199
At 31 December 2023 3,312,199
Carrying value at 31 December 2023 3,312,199
Carrying value at 31 December 2022 3,312,199

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 418,796 10,684
Amounts owed by Parent undertakings 20,821 20,821
Other debtors 10,026 1,525,102
449,643 1,556,607

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 266,170 227,165
Taxation and social security 0 5,595
Other creditors 2,320,381 1,929,678
2,586,551 2,162,438

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

2023 2022
£ £
Other creditors 542,461 573,133

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
1,725 A ordinary shares of £ 1.00 each 1,725 1,725
325 B ordinary shares of £ 1.00 each 325 325
125 C ordinary shares of £ 1.00 each 125 125
37 D ordinary shares of £ 1.00 each 37 37
2,212 2,212

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Mat Interco Limited has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 0 394,394
Amounts owed to directors (542,461) (573,133)

Other related party transactions

2023 2022
£ £
Owed to companies under common control 2,320,381 1,929,678

During the accounting period, a debit loan balance held between Mat Interco Limited and a company under common control had its full value of £1,229,066 written off.