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Matrix Electronics Limited

Registered number: 08273028
Information for filing with the Registrar
For the 7 month period ended
31 December 2023

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
REGISTERED NUMBER: 08273028

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December 2023
24 May
2023
(Unaudited)
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,428
12,465

  
18,428
12,465

Current assets
  

Stocks
 5 
2,084,086
2,306,272

Debtors: amounts falling due within one year
 6 
1,569,721
1,870,187

Cash at bank and in hand
 7 
520,080
172,308

  
4,173,887
4,348,767

Creditors: amounts falling due within one year
 8 
(1,910,001)
(2,261,783)

Net current assets
  
 
 
2,263,886
 
 
2,086,984

Total assets less current liabilities
  
2,282,314
2,099,449

Provisions for liabilities
  

Deferred tax
 9 
(2,979)
(3,234)

Net assets
  
 
 
2,279,335
 
 
2,096,215


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
 11 
2,279,135
2,096,015

  
2,279,335
2,096,215


- 1 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
REGISTERED NUMBER: 08273028
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2024.



W Russell-Smith
Director

The notes on pages 3 to 15 form part of these financial statements.

- 2 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

1.


General information

Matrix Electronics Limited ("'the Company") is a private limited company incorporated in the United Kingdom, and registered in England and Wales. The company is limited by shares, registered number 08273028. 
The address of the registered office and principal place of business is 4 Bailey Court, Colburn Business Park, Catterick Garrison, North Yorkshire, United Kingdom, DL9 4QL.
The principal activity of the Company is the franchised distribution of electronic and electro-mechanical components to domestic and overseas customers. 
The comparative information in the accounts was unaudited as the Company was entitled to the exemption from audit.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The comparative figures have been prepared for a 5 month period ended 24 May 2023 and the current year figures are for the 7 month period ended 31 December 2023. Therefore the figures are not directly comparable.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

- 3 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
The directors have prepared cashflow forecasts for the period of at least 12 months from approval of the financial statements based on external market forecasts, customer demand forecasts and expected changes to product mix. These forecasts indicate that, taking into account of severe but plausible downsides, which assume zero growth over 2023 for the 2024/25 forecast period and continued inflationary price pressures, the company and group is expected to have sufficient funds through its existing short-term asset-based lending arrangements to meet its liabilities as they fall due during the forecast period. At 31 December 2023 these arrangements are with Clydesdale Bank plc, trading as Virgin Money.
The Company has access to sufficient additional funding from an agreed short-term asset based lending facility. The forecasts prepared by management show these facilities are occasional required and are therefore dependent on Virgin Money bank not seeking repayment of the amounts currently due to it, including maintaining the asset-based financing (invoice discounting/factoring). While the invoice discounting facility is cancellable by either party, the directors are confident that it will remain available throughout the forecast period.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 4 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
  the Company has transferred the significant risks and rewards of ownership to the buyer;
  the Company retains neither continuing managerial involvement to the degree usually     associated with ownership nor effective control over the goods sold;
  the amount of revenue can be measured reliably;
  it is probable that the Company will receive the consideration due under the transaction; and
  the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 7 month period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 5 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the 7 month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 6 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

- 7 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
- 8 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.



3.


Employees

The average monthly number of employees, including directors, during the 7 month period was 16 (2023 -17).

- 9 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

4.


Property, plant and equipment







Office equipment

£



Cost


At 25 May 2023
61,766


Additions
11,450


Disposals
(19,747)



At 31 December 2023

53,469



Depreciation


At 25 May 2023
49,301


Charge for the year
3,747


Disposals
(18,007)



At 31 December 2023

35,041



Net book value



At 31 December 2023
18,428



At 24 May 2023 (Unaudited)
12,465


5.


Stocks

31 December 2023
24 May
2023
(Unaudited)
£
£

Raw materials and consumables
2,083,452
2,280,935

Work in progress (goods to be sold)
634
25,337

2,084,086
2,306,272


- 10 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

31 December 2023
24 May
2023
(Unaudited)
£
£


Trade debtors
1,559,571
1,832,162

Other debtors
-
2,368

Prepayments and accrued income
10,150
35,657

1,569,721
1,870,187



7.


Cash and cash equivalents

31 December 2023
24 May
2023
(Unaudited)
£
£

Cash at bank and in hand
520,080
172,308

Less: invoice discounting facility
(133)
-

519,947
172,308


- 11 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

31 December 2023
24 May
2023
(Unaudited)
£
£

Invoice finance facility
133
-

Trade creditors
804,103
1,048,879

Amounts owed to group undertakings
848,120
810,606

Corporation tax
64,722
252,869

Other taxation and social security
110,575
115,969

Other creditors
13,050
15,204

Accruals and deferred income
69,298
18,256

1,910,001
2,261,783


Amounts owed to group undertakings are interest free and repayable on demand.


9.


Deferred taxation






31 December 2023
24 May
2023
(Unaudited)


£

£






At beginning of year
(3,234)
(3,234)


Charged to profit or loss
255
-



At end of year
(2,979)
(3,234)

- 12 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 December 2023
24 May
2023
(Unaudited)
£
£


Accelerated capital allowances
(4,607)
(3,234)

Short term timing differences
1,628
-

(2,979)
(3,234)

- 13 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

31 December 2023
24 May
2023
(Unaudited)
£
£
Allotted, called up and fully paid



200 (2023 -200) Ordinary shares of £1.00 each
200
200



11.


Reserves

Retained earnings

This reserve represents cumulative profits and losses less any dividends declared.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £52,003 (unaudited 5 month period ended 24 May 2023: £19,999). There were no contributions (unaudited 5 month period ended 24 May 2023: £Nil) payable to the fund at the balance sheet date.


13.


Related party transactions

In accordance with Section 33 of FRS 102, transactions with wholly owned Group companies have not been disclosed within these financial statements.


14.


Controlling party

The Company's immediate parent undertaking is Delta Impact Limited and ultimate parent undertaking is Easby Group Topco Limited, a company incorporated in England and Wales. Easby Group Topco Limited prepares consolidated financial statements which represent the smallest and largest group in which the company is consolidated. The consolidated financial statements are publicly available from Companies House.
The ultimate controlling party is considered to be NVM Private Equity LLP by way of its majority shareholding in Easby Group Topco Limited.

- 14 -

 
 08273028
31 December 2023
MATRIX ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2023

15.


Auditor's information

The auditor's report on the financial statements for the 7 month period ended 31 December 2023 was unqualified.

The audit report was signed on 30 May 2024 by Christopher Hudson (Senior Statutory Auditor) on behalf of Mazars LLP.

 
- 15 -