Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-02-09falsefalseNo description of principal activity20trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14651171 2023-02-08 14651171 2023-02-09 2024-02-29 14651171 2022-02-09 2023-02-08 14651171 2024-02-29 14651171 c:Director1 2023-02-09 2024-02-29 14651171 d:MotorVehicles 2023-02-09 2024-02-29 14651171 d:MotorVehicles 2024-02-29 14651171 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-09 2024-02-29 14651171 d:OfficeEquipment 2023-02-09 2024-02-29 14651171 d:OfficeEquipment 2024-02-29 14651171 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-09 2024-02-29 14651171 d:ComputerEquipment 2023-02-09 2024-02-29 14651171 d:ComputerEquipment 2024-02-29 14651171 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-09 2024-02-29 14651171 d:OwnedOrFreeholdAssets 2023-02-09 2024-02-29 14651171 d:CurrentFinancialInstruments 2024-02-29 14651171 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 14651171 d:ShareCapital 2023-02-09 2024-02-29 14651171 d:ShareCapital 2024-02-29 14651171 d:RetainedEarningsAccumulatedLosses 2023-02-09 2024-02-29 14651171 d:RetainedEarningsAccumulatedLosses 2024-02-29 14651171 c:OrdinaryShareClass1 2023-02-09 2024-02-29 14651171 c:OrdinaryShareClass1 2024-02-29 14651171 c:FRS102 2023-02-09 2024-02-29 14651171 c:AuditExempt-NoAccountantsReport 2023-02-09 2024-02-29 14651171 c:FullAccounts 2023-02-09 2024-02-29 14651171 c:PrivateLimitedCompanyLtd 2023-02-09 2024-02-29 14651171 e:PoundSterling 2023-02-09 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14651171


MATSISLAND LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024




















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MATSISLAND LTD
REGISTERED NUMBER:14651171

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
24,731

  
24,731

Current assets
  

Stocks
  
62,324

Debtors: amounts falling due within one year
 6 
29,688

  
92,012

Creditors: amounts falling due within one year
 7 
(39,171)

Net current assets
  
 
 
52,841

Total assets less current liabilities
  
77,572

  

Net assets
  
77,572


Capital and reserves
  

Called up share capital 
 8 
100

Profit and loss account
  
77,472

  
77,572


Page 1

 
MATSISLAND LTD
REGISTERED NUMBER:14651171
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 Period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 8 November 2024.




M Poffley
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
MATSISLAND LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the Period

Profit for the Period

-
115,172
115,172


Other comprehensive income for the Period
-
-
-


Total comprehensive income for the Period
-
115,172
115,172


Contributions by and distributions to owners

Dividends: Equity capital
-
(37,700)
(37,700)

Shares issued during the Period
100
-
100


Total transactions with owners
100
(37,700)
(37,600)


At 29 February 2024
100
77,472
77,572

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
MATSISLAND LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

Matsisland Ltd is a private company, limited by shares, domiciled in England and Wales. The registered office is 119 Combe Street, Chard, Somerset, United Kingdom, TA20 1JH.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.

 
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.

 
2.4

Taxation

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.

Page 4

 
MATSISLAND LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

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 following method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Reducing balance
Office equipment
-
20%
Straight Line method
Computer equipment
-
33%
Straight Line method

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

 
MATSISLAND LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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.

 
2.10

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.

Page 6

 
MATSISLAND LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including the director, during the period was 2.


4.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


Additions
25,578
1,254
4,898
31,730



At 29 February 2024

25,578
1,254
4,898
31,730



Depreciation


Charge for the Period on owned assets
5,116
251
1,632
6,999



At 29 February 2024

5,116
251
1,632
6,999



Net book value



At 29 February 2024
20,462
1,003
3,266
24,731


5.


Stocks

2024
£

Finished goods and goods for resale
62,324

62,324



6.


Debtors

2024
£


Other debtors
29,688

29,688


Page 7

 
MATSISLAND LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

2024
£

Corporation tax
26,407

Other taxation and social security
12,014

Accruals and deferred income
750

39,171



8.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary Shares share of £100.00
100


On the date of incorporation, 9 February 2023, 100 Ordinary share was issued with a value of £1.00 each.

 
Page 8