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COMPANY REGISTRATION NUMBER: 03055981
Messer & Matthews Limited
Filleted Unaudited Financial Statements
31 March 2024
Messer & Matthews Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Oct 22
Note
£
£
Fixed assets
Tangible assets
5
11,336
Current assets
Debtors
6
238,614
40,229
Investments
7
153,633
Cash at bank and in hand
257,246
---------
---------
238,614
451,108
Creditors: amounts falling due within one year
8
70,119
---------
---------
Net current assets
238,614
380,989
---------
---------
Total assets less current liabilities
238,614
392,325
Provisions
2,154
---------
---------
Net assets
238,614
390,171
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
51,578
Profit and loss account
228,614
328,593
---------
---------
Shareholders funds
238,614
390,171
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Messer & Matthews Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr D W Kelly
Director
Company registration number: 03055981
Messer & Matthews Limited
Notes to the Financial Statements
Period from 1 November 2022 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13-19 Derby Road, Nottingham, NG1 5AA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The net assets of the company were acquired by the new shareholders, therefore the assets and liabilities have been transferred and the amount is shown as a debtor balance due to the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 6 (2022: 7 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
18,586
13,710
45,279
77,575
Disposals
( 13,710)
( 13,710)
Disposals through business combinations
( 29)
( 7,579)
( 7,608)
--------
--------
--------
--------
At 31 March 2024
18,557
37,700
56,257
--------
--------
--------
--------
Depreciation
At 1 November 2022
18,548
11,270
36,421
66,239
Charge for the period
9
305
1,279
1,593
Disposals
( 11,575)
( 11,575)
--------
--------
--------
--------
At 31 March 2024
18,557
37,700
56,257
--------
--------
--------
--------
Carrying amount
At 31 March 2024
--------
--------
--------
--------
At 31 October 2022
38
2,440
8,858
11,336
--------
--------
--------
--------
6. Debtors
31 Mar 24
31 Oct 22
£
£
Other debtors
238,614
40,229
---------
--------
7. Investments
31 Mar 24
31 Oct 22
£
£
Other investments
153,633
----
---------
During the year the investments held were revalued as follows:
2024
2022
£
At 1 November 2022
166,338
166,338
Revaluation
(12,705)
Disposal
(166,189)
---------
---------
At 30 March 2024
149
153,633
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
31 Oct 22
£
£
Corporation tax
59,937
Social security and other taxes
6,332
Other creditors
3,850
----
--------
70,119
----
--------
9. Ultimate parent company and parent company of larger group
The Company is a subsidiary undertaking of Wren Sterling Financial Planning Limited. The immediate controlling party is Ensco 1084 Limited.
The largest group in which the results of the Company are consolidated is that headed by Ensco 1084 Limited, incorporated in the UK. The consolidated financial statements of these groups are available to the public and may be obtained from 13-19 Derby Road, Nottingham NG1 5AA.
The ultimate controlling party is Lightyear Capital LLC.