Company registration number 11926601 (England and Wales)
MATHERN HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MATHERN HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MATHERN HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,044,761
1,044,761
Investments
4
1,000
1,000
1,045,761
1,045,761
Current assets
Cash at bank and in hand
3,211
2,692
Creditors: amounts falling due within one year
6
(282,849)
(318,131)
Net current liabilities
(279,638)
(315,439)
Total assets less current liabilities
766,123
730,322
Creditors: amounts falling due after more than one year
7
(326,975)
(344,014)
Net assets
439,148
386,308
Capital and reserves
Called up share capital
8
1,100
1,100
Profit and loss reserves
438,048
385,208
Total equity
439,148
386,308
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 November 2024
Mrs A Gore
Director
Company Registration No. 11926601
MATHERN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Mathern Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mathern Day Nursery, Mathern Old School, Mathern, Chepstow, NP16 6JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.
Revenue from property income is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MATHERN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
1,044,761
The fair value of the investment property has been arrived, by the directors, at an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
5
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Mathern Day Nursery (Childcare Services) Limited
Mathern Old School, Mathern, Chepstow, NP16 6JH
Childrens day nursery
Ordinary
100.00
MATHERN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,315
15,870
Amounts owed to group undertakings
253,622
285,754
Corporation tax
11,588
14,837
Other creditors
1,324
1,670
282,849
318,131
The loans are secured by fixed charges over the property.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
326,975
344,014
The long-term loans are secured by fixed charges over the property.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
256,112
274,594
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,100
1,100
1,100
1,100
9
Related party transactions
The company has an existing loan with Mathern Day Nursery (Childcare Services) Limited, a subsidiary company. At the year end there was a balance outstanding of £253,622 (2023: £285,754), being included in creditors amounts falling due within one year.