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Registered number: 09514105
MATTHEW WADE DECORATORS LTD
Unaudited Financial Statements
For The Year Ended 31 March 2024
Brooks & Partners Accountants Ltd
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09514105
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,141 64,070
48,141 64,070
CURRENT ASSETS
Debtors 5 130,465 128,424
Cash at bank and in hand 23,340 24,850
153,805 153,274
Creditors: Amounts Falling Due Within One Year 6 (68,495 ) (90,430 )
NET CURRENT ASSETS (LIABILITIES) 85,310 62,844
TOTAL ASSETS LESS CURRENT LIABILITIES 133,451 126,914
Creditors: Amounts Falling Due After More Than One Year 7 (35,145 ) (49,885 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (13,459 ) (12,994 )
NET ASSETS 84,847 64,035
CAPITAL AND RESERVES
Called up share capital 10 196 150
Income Statement 84,651 63,885
SHAREHOLDERS' FUNDS 84,847 64,035
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
M Wade
Director
24 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MATTHEW WADE DECORATORS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 09514105 . The registered office is 22 St Peter's Street, Stamford, Lincolnshire, PE9 2PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has been invoiced for delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 7)
9 7
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 8,428 103,063 587 112,078
Additions 1,625 2,024 250 3,899
As at 31 March 2024 10,053 105,087 837 115,977
Depreciation
As at 1 April 2023 4,676 43,104 228 48,008
Provided during the period 1,623 18,075 130 19,828
As at 31 March 2024 6,299 61,179 358 67,836
...CONTINUED
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Net Book Value
As at 31 March 2024 3,754 43,908 479 48,141
As at 1 April 2023 3,752 59,959 359 64,070
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 38,217 53,029
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 125,058 98,266
Prepayments and accrued income 3,166 4,360
VAT 416 5,115
Other taxes and social security - 20,683
Director's loan account 1,825 -
130,465 128,424
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,738 9,738
Trade creditors 8,789 16,386
Bank loans and overdrafts 5,000 5,000
Corporation tax 31,435 33,288
Other taxes and social security 7,708 -
Other creditors 1,148 1,083
Accruals and deferred income 4,677 6,558
Director's loan account - 18,377
68,495 90,430
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,313 39,052
Bank loans 5,832 10,833
35,145 49,885
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,738 9,738
Later than one year and not later than five years 29,313 39,052
39,051 48,790
39,051 48,790
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 13,459 12,994
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 196 150
11. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £1,148 (2023: £1,083) were due to the fund. They are included in Other Creditors.
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Matthew Wade - 1,825 - - 1,825
The above loan is unsecured, interest free and repayable on demand.
13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 38,000
Final dividend paid 64,177 35,000
64,177 73,000
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