Registered number
04278771
Matrix ABC Limited
Unaudited Filleted Accounts
31 August 2024
Matrix ABC Limited
Registered number: 04278771
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 93,624 99,471
Current assets
Debtors 4 118,313 76,873
Cash at bank and in hand 177,022 144,555
295,335 221,428
Creditors: amounts falling due within one year 5 (85,121) (40,094)
Net current assets 210,214 181,334
Total assets less current liabilities 303,838 280,805
Provisions for liabilities (17,789) (18,899)
Net assets 286,049 261,906
Capital and reserves
Allotted called up and fully paid share capital 45 45
Capital redemption reserve 45 45
Profit and loss account 285,959 261,816
Shareholder's funds 286,049 261,906
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Benjamin Anthony Howe
Director
Approved by the board on 7 October 2024
Matrix ABC Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 70,102 94,108 164,210
Additions 8,591 21,392 29,983
Disposals - (13,090) (13,090)
At 31 August 2024 78,693 102,410 181,103
Depreciation
At 1 September 2023 40,726 24,013 64,739
Charge for the year 10,695 21,591 32,286
On disposals - (9,546) (9,546)
At 31 August 2024 51,421 36,058 87,479
Net book value
At 31 August 2024 27,272 66,352 93,624
At 31 August 2023 29,376 70,095 99,471
4 Debtors 2024 2023
£ £
Trade debtors 76,515 31,885
Other debtors 41,798 44,988
118,313 76,873
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,037 1,364
Taxation and social security costs 55,185 34,144
Other creditors 28,899 4,586
85,121 40,094
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 13,544 4,450
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Benjamin Anthony Howe
Interest free with no fixed terms for repayment. 8,999 25,500 (28,500) 5,999
8,999 25,500 (28,500) 5,999
8 Other information
Matrix ABC Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cavendish House
St Andrews Court
Leeds
LS3 1JY
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