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Registration number: 04816078

Matex (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Matex (UK) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

Matex (UK) Limited

Company Information

Director

M R Taheri

Company secretary

M R Taheri

Registered office

253 Chillingham Road
Newcastle Upon Tyne
NE6 5LL

Accountants

Thomas Harris Ltd
The 1929 Building
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

 

Matex (UK) Limited

Director's Report for the Year Ended 31 July 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director of the company

The director who held office during the year was as follows:

M R Taheri

Principal activity

The principal activity of the company is that of a restaurant

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 20 November 2024
 

.........................................
M R Taheri
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Matex (UK) Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Matex (UK) Limited for the year ended 31 July 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Matex (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Matex (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Matex (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Matex (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Matex (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Matex (UK) Limited. You consider that Matex (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Matex (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thomas Harris Ltd
The 1929 Building
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

20 November 2024

 

Matex (UK) Limited

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

747,879

944,293

Cost of sales

 

(371,872)

(460,142)

Gross profit

 

376,007

484,151

Administrative expenses

 

(431,010)

(507,684)

Operating loss

 

(55,003)

(23,533)

Income from shares in group undertakings

 

5,000

5,000

Interest payable and similar expenses

 

(1,582)

(3,218)

   

3,418

1,782

Loss before tax

4

(51,585)

(21,751)

Loss for the financial year

 

(51,585)

(21,751)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Matex (UK) Limited

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Loss for the year

(51,585)

(21,751)

Total comprehensive income for the year

(51,585)

(21,751)

 

Matex (UK) Limited

(Registration number: 04816078)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

3,978

5,304

Current assets

 

Stocks

7

2,191

2,739

Debtors

8

40,129

28,050

Cash at bank and in hand

 

92,246

192,748

 

134,566

223,537

Creditors: Amounts falling due within one year

9

(134,101)

(166,791)

Net current assets

 

465

56,746

Total assets less current liabilities

 

4,443

62,050

Creditors: Amounts falling due after more than one year

9

(34,598)

(40,620)

Net (liabilities)/assets

 

(30,155)

21,430

Capital and reserves

 

Called up share capital

10

99

99

Retained earnings

(30,254)

21,331

Shareholders' (deficit)/funds

 

(30,155)

21,430

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 20 November 2024
 

.........................................
M R Taheri
Director

   
     
 

Matex (UK) Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

99

21,331

21,430

Loss for the year

-

(51,585)

(51,585)

At 31 July 2024

99

(30,254)

(30,155)

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

99

83,082

83,181

Loss for the year

-

(21,751)

(21,751)

Dividends

-

(40,000)

(40,000)

At 31 July 2023

99

21,331

21,430

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
253 Chillingham Road
Newcastle Upon Tyne
NE6 5LL

These financial statements were authorised for issue by the director on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

10% Straight line basis

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Office equipment

25% Reducing balance basis

Fixtures and fittings

25% Reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

Over the franchise term (5 years)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 42 (2023 - 47).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,326

1,768

Other operating income

(5,000)

(5,000)

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2023

28,952

28,952

At 31 July 2024

28,952

28,952

Amortisation

At 1 August 2023

28,952

28,952

At 31 July 2024

28,952

28,952

Carrying amount

At 31 July 2024

-

-

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

230,571

14,234

244,805

At 31 July 2024

230,571

14,234

244,805

Depreciation

At 1 August 2023

230,571

8,930

239,501

Charge for the year

-

1,326

1,326

At 31 July 2024

230,571

10,256

240,827

Carrying amount

At 31 July 2024

-

3,978

3,978

At 31 July 2023

-

5,304

5,304

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

2,191

2,739

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

38,712

26,431

Prepayments

1,417

1,619

 

40,129

28,050

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

5,912

20,274

Trade creditors

 

30,276

39,677

Taxation and social security

 

20,870

35,352

Accruals and deferred income

 

15,313

19,323

Other creditors

 

61,730

52,165

 

134,101

166,791

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

34,598

40,620

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

34,598

40,620

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,912

20,274

12

Dividends

Final dividends paid

 

Matex (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

Final dividend of £Nil (2023 - £404.00) per each Ordinary shares

-

40,000

 

 

13

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,640

27,247

Contributions paid to money purchase schemes

522

644

24,162

27,891