Matford Business Centre Limited 05026392 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of managed service offices Digita Accounts Production Advanced 6.30.9574.0 true true false 05026392 2023-01-01 2023-12-31 05026392 2023-12-31 05026392 core:RetainedEarningsAccumulatedLosses 2023-12-31 05026392 core:ShareCapital 2023-12-31 05026392 core:CurrentFinancialInstruments 2023-12-31 05026392 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05026392 core:Goodwill 2023-12-31 05026392 core:FurnitureFittingsToolsEquipment 2023-12-31 05026392 core:LandBuildings 2023-12-31 05026392 core:OtherPropertyPlantEquipment 2023-12-31 05026392 bus:SmallEntities 2023-01-01 2023-12-31 05026392 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05026392 bus:FullAccounts 2023-01-01 2023-12-31 05026392 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05026392 bus:RegisteredOffice 2023-01-01 2023-12-31 05026392 bus:CompanySecretary1 2023-01-01 2023-12-31 05026392 bus:Director10 2023-01-01 2023-12-31 05026392 bus:Director5 2023-01-01 2023-12-31 05026392 bus:Director7 2023-01-01 2023-12-31 05026392 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05026392 core:Goodwill 2023-01-01 2023-12-31 05026392 core:FurnitureFittings 2023-01-01 2023-12-31 05026392 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05026392 core:LandBuildings 2023-01-01 2023-12-31 05026392 core:OfficeEquipment 2023-01-01 2023-12-31 05026392 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05026392 core:PlantMachinery 2023-01-01 2023-12-31 05026392 1 2023-01-01 2023-12-31 05026392 countries:EnglandWales 2023-01-01 2023-12-31 05026392 2022-12-31 05026392 core:Goodwill 2022-12-31 05026392 core:FurnitureFittingsToolsEquipment 2022-12-31 05026392 core:LandBuildings 2022-12-31 05026392 core:OtherPropertyPlantEquipment 2022-12-31 05026392 2022-01-01 2022-12-31 05026392 2022-12-31 05026392 core:RetainedEarningsAccumulatedLosses 2022-12-31 05026392 core:ShareCapital 2022-12-31 05026392 core:CurrentFinancialInstruments 2022-12-31 05026392 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05026392 core:FurnitureFittingsToolsEquipment 2022-12-31 05026392 core:LandBuildings 2022-12-31 05026392 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05026392

Matford Business Centre Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Matford Business Centre Limited
(Registration number: 05026392)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Matford Business Centre Limited
(Registration number: 05026392)

Company Information

Directors

Mr J Whiley

Mr D H Langley

Mr A G E Rowe

Company secretary

Mrs S M Rowe

Registered office

Matford Business Centre
Matford Park Road
Exeter
Devon
EX2 8ED

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Matford Business Centre Limited
(Registration number: 05026392)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

446,520

487,008

Current assets

 

Debtors

6

16,733

50,070

Cash at bank and in hand

 

10,029

1,668

 

26,762

51,738

Creditors: Amounts falling due within one year

7

(497,588)

(418,811)

Net current liabilities

 

(470,826)

(367,073)

Total assets less current liabilities

 

(24,306)

119,935

Provisions for liabilities

(52,473)

(88,545)

Net (liabilities)/assets

 

(76,779)

31,390

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(76,780)

31,389

Total equity

 

(76,779)

31,390

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr A G E Rowe
Director

 

Matford Business Centre Limited
(Registration number: 05026392)

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
Matford Business Centre
Matford Park Road
Exeter
Devon
EX2 8ED

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.

Going concern

The directors acknowledge that the company currently has net liabilities but they are committed to supporting the company for the forseeable future and as such the financial statements have been prepared on the going concern basis.

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 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.

 

Matford Business Centre Limited
(Registration number: 05026392)

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

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Property Improvements

Straight line over 50 years

Plant and machinery

10-20% reducing balance

Fixtures and fittings

15-20% reducing balance

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

 

Matford Business Centre Limited
(Registration number: 05026392)

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

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 4 (2022 - 6).

 

Matford Business Centre Limited
(Registration number: 05026392)

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

43,000

43,000

At 31 December 2023

43,000

43,000

Amortisation

At 1 January 2023

43,000

43,000

At 31 December 2023

43,000

43,000

Carrying amount

At 31 December 2023

-

-

 

Matford Business Centre Limited
(Registration number: 05026392)

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

5

Tangible assets

Property Improvements
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

359,068

325,305

497,562

1,181,935

Additions

-

1,761

629

2,390

At 31 December 2023

359,068

327,066

498,191

1,184,325

Depreciation

At 1 January 2023

66,769

258,675

369,483

694,927

Charge for the year

7,181

21,064

14,633

42,878

At 31 December 2023

73,950

279,739

384,116

737,805

Carrying amount

At 31 December 2023

285,118

47,327

114,075

446,520

At 31 December 2022

292,299

66,630

128,079

487,008

Included within the net book value of property improvements above is £Nil (2022 - £Nil) in respect of freehold property improvements £285,118 (2022 - £292,299) in respect of long leasehold property improvements.
 

6

Debtors

2023
£

2022
£

Trade debtors

(2,124)

14,043

Other debtors

1,685

29,160

Prepayments and accrued income

17,172

6,867

Total current trade and other debtors

16,733

50,070

 

Matford Business Centre Limited
(Registration number: 05026392)

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

7

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

7,129

3,320

Amounts owed to group undertakings and undertakings in which the company has a participating interest

450,954

348,454

Taxation and social security

 

-

11,417

Other creditors

 

29,077

45,973

Accrued expenses and deferred income

 

10,428

9,647

 

497,588

418,811

8

Parent and ultimate parent undertaking

The company's immediate parent is Exeter Estates Holdings Limited, incorporated in England and Wales.