Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false2022-12-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The company's principle activity is that of design, development and manufacture of high quality windshield wiper and washer systems for use on cars, buses and trains.1413truetruefalse 01794948 2022-12-01 2023-11-30 01794948 2021-12-01 2022-11-30 01794948 2023-11-30 01794948 2022-11-30 01794948 2021-12-01 01794948 c:Director1 2022-12-01 2023-11-30 01794948 d:PlantMachinery 2022-12-01 2023-11-30 01794948 d:PlantMachinery 2023-11-30 01794948 d:PlantMachinery 2022-11-30 01794948 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01794948 d:MotorVehicles 2022-12-01 2023-11-30 01794948 d:MotorVehicles 2023-11-30 01794948 d:MotorVehicles 2022-11-30 01794948 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01794948 d:FurnitureFittings 2022-12-01 2023-11-30 01794948 d:FurnitureFittings 2023-11-30 01794948 d:FurnitureFittings 2022-11-30 01794948 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01794948 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01794948 d:CurrentFinancialInstruments 2023-11-30 01794948 d:CurrentFinancialInstruments 2022-11-30 01794948 d:Non-currentFinancialInstruments 2023-11-30 01794948 d:Non-currentFinancialInstruments 2022-11-30 01794948 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01794948 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01794948 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01794948 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01794948 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 01794948 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 01794948 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 01794948 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 01794948 d:ShareCapital 2023-11-30 01794948 d:ShareCapital 2022-11-30 01794948 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 01794948 d:RetainedEarningsAccumulatedLosses 2023-11-30 01794948 d:RetainedEarningsAccumulatedLosses 2022-11-30 01794948 c:OrdinaryShareClass1 2022-12-01 2023-11-30 01794948 c:OrdinaryShareClass1 2023-11-30 01794948 c:OrdinaryShareClass1 2022-11-30 01794948 c:OrdinaryShareClass2 2022-12-01 2023-11-30 01794948 c:OrdinaryShareClass2 2023-11-30 01794948 c:OrdinaryShareClass2 2022-11-30 01794948 c:FRS102 2022-12-01 2023-11-30 01794948 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01794948 c:FullAccounts 2022-12-01 2023-11-30 01794948 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01794948 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01794948 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 01794948 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01794948










THE MATADOR COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
THE MATADOR COMPANY LIMITED
REGISTERED NUMBER: 01794948

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
130,434
25,943

  
130,434
25,943

Current assets
  

Stocks
 5 
547,589
600,332

Debtors: amounts falling due within one year
 6 
1,183,573
1,014,178

Cash at bank and in hand
 7 
37,659
16,097

  
1,768,821
1,630,607

Creditors: amounts falling due within one year
 8 
(707,809)
(415,472)

Net current assets
  
 
 
1,061,012
 
 
1,215,135

Total assets less current liabilities
  
1,191,446
1,241,078

Creditors: amounts falling due after more than one year
 9 
(50,890)
(117,610)

Provisions for liabilities
  

Deferred tax
 11 
(4,133)
(6,059)

  
 
 
(4,133)
 
 
(6,059)

Net assets
  
1,136,423
1,117,409


Capital and reserves
  

Called up share capital 
 14 
20,003
20,003

Profit and loss account
 12 
1,116,420
1,097,406

  
1,136,423
1,117,409


Page 1

 
THE MATADOR COMPANY LIMITED
REGISTERED NUMBER: 01794948
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




................................................
D M Ryde
Director

Date: 4 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The Matador Company Limited is a private limited company incorporated by shares in England. The company registration number is 01794948.
The Company's registered office and principal place of business is Unit 6, Top Angel, Buckingham Industrial Park, Buckingham, MK18 1TH.
The Company's principal activity is that of design, development and manufacture of high quality windshield wiper and washer systems for use on cars, buses and trains.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

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.

Page 3

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
per annum
Motor vehicles
-
25%
per annum
Fixtures and fittings
-
25%
per annum

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.

 
2.5

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 balance sheet 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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

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
Page 4

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

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.

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

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.

Page 5

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.16

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.

Page 6

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.17

Discounted trade debtors

The Company has entered into an invoice factoring arrangement with a finance company. In accordance with the Financial Reporting Standard 102 this is in the nature of a secured loan and accordingly the debtors are recorded as current assets and the advances against debtors are shown within creditors due within one year.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 December 2022
552,146
10,250
104,643
667,039


Additions
780
170,000
-
170,780


Disposals
-
(50,000)
-
(50,000)



At 30 November 2023

552,926
130,250
104,643
787,819



Depreciation


At 1 December 2022
531,140
9,924
100,032
641,096


Charge for the year on owned assets
5,136
25,000
1,153
31,289


Disposals
-
(15,000)
-
(15,000)



At 30 November 2023

536,276
19,924
101,185
657,385



Net book value



At 30 November 2023
16,650
110,326
3,458
130,434



At 30 November 2022
21,006
326
4,611
25,943

Page 7

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
547,589
600,332



6.


Debtors

2023
2022
£
£


Trade debtors
398,878
225,132

Amounts owed by group undertakings
699,475
699,475

Other debtors
80,980
84,742

Prepayments and accrued income
4,240
4,829

1,183,573
1,014,178



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,659
16,097



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
66,666
66,666

Trade creditors
365,619
256,352

Corporation tax
39,367
29,442

Other taxation and social security
14,999
5,926

Other creditors
215,158
53,086

Accruals and deferred income
6,000
4,000

707,809
415,472


Page 8

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
50,890
117,610



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
66,666
66,666


66,666
66,666

Amounts falling due 1-2 years

Bank loans
50,890
66,667


50,890
66,667

Amounts falling due 2-5 years

Bank loans
-
50,943


-
50,943


117,556
184,276


Page 9

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
6,059
6,913


Charged to profit or loss
(1,926)
(854)



At end of year
4,133
6,059

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,133
6,059


12.


Reserves

Profit and loss account

The profit and loss account reserve includes all current and prior period retained profit and losses.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no contributions outstanding at the year end (2022 - £nil).

Page 10

 
THE MATADOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1 each
20,000
20,000
3 (2022 - 3) Ordinary Class A shares of £1 each
3
3

20,003

20,003


The "A" shares carry a right to dividends but have no voting rights. The Ordinary and Ordinary Class A shares rank pari passu in the case of a winding up.



15.


Controlling party

At the year end, the ultimate parent undertaking was Matador Holdings Limited. In the opinion of the Directors, D M Ryde (Director)  is the ultimate controlling party.

 
Page 11