BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts is the construction of commercial and private property, acting as contractors, sub-contractors, general building work and any other associated activity or service. 20 June 2024 12 12 NI052143 2024-03-31 NI052143 2023-03-31 NI052143 2022-03-31 NI052143 2023-04-01 2024-03-31 NI052143 2022-04-01 2023-03-31 NI052143 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI052143 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI052143 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI052143 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI052143 uk-bus:Director1 2023-04-01 2024-03-31 NI052143 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI052143 uk-bus:Agent1 2023-04-01 2024-03-31 NI052143 uk-core:ShareCapital 2024-03-31 NI052143 uk-core:ShareCapital 2023-03-31 NI052143 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI052143 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI052143 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI052143 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI052143 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI052143 uk-core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI052143 uk-bus:FRS102 2023-04-01 2024-03-31 NI052143 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI052143 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI052143 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI052143 uk-core:CurrentFinancialInstruments 2024-03-31 NI052143 uk-core:CurrentFinancialInstruments 2023-03-31 NI052143 uk-core:WithinOneYear 2024-03-31 NI052143 uk-core:WithinOneYear 2023-03-31 NI052143 uk-core:WithinOneYear 2024-03-31 NI052143 uk-core:WithinOneYear 2023-03-31 NI052143 uk-core:WithinOneYear 2024-03-31 NI052143 uk-core:WithinOneYear 2023-03-31 NI052143 uk-core:AfterOneYear 2024-03-31 NI052143 uk-core:AfterOneYear 2023-03-31 NI052143 uk-core:BetweenOneTwoYears 2024-03-31 NI052143 uk-core:BetweenOneTwoYears 2023-03-31 NI052143 uk-core:BetweenTwoFiveYears 2024-03-31 NI052143 uk-core:BetweenTwoFiveYears 2023-03-31 NI052143 uk-core:BetweenOneFiveYears 2024-03-31 NI052143 uk-core:BetweenOneFiveYears 2023-03-31 NI052143 uk-core:OtherMiscellaneousReserve 2023-03-31 NI052143 uk-core:OtherMiscellaneousReserve 2023-04-01 2024-03-31 NI052143 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI052143 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI052143 uk-core:OtherDeferredTax 2024-03-31 NI052143 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI052143 uk-core:OtherMiscellaneousReserve 2024-03-31 NI052143 2023-04-01 2024-03-31 NI052143 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Leo Matheson Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Leo Matheson Ltd
DIRECTOR AND OTHER INFORMATION

 
Director Leo Matheson
 
 
Company Registration Number NI052143
 
 
Registered Office 32 Main Street
Castlewellan
BT31 9DG
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



Leo Matheson Ltd
Company Registration Number: NI052143
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 552,690 227,050
───────── ─────────
 
Current Assets
Inventories 5 969,240 610,789
Receivables 6 107,661 49,492
Cash and cash equivalents 1,605,694 1,487,614
───────── ─────────
2,682,595 2,147,895
───────── ─────────
Payables: amounts falling due within one year 7 (1,337,614) (508,370)
───────── ─────────
Net Current Assets 1,344,981 1,639,525
───────── ─────────
Total Assets less Current Liabilities 1,897,671 1,866,575
═════════ ═════════
 
Payables:
amounts falling due after more than one year 8 (35,289) (28,467)
 
Provisions for liabilities 10 (85,846) (55,822)
───────── ─────────
Net Assets 1,776,536 1,782,286
═════════ ═════════
 
Equity
Called up share capital 1 1
Retained earnings 1,776,535 1,782,285
───────── ─────────
Equity attributable to owners of the company 1,776,536 1,782,286
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 20 June 2024
           
           
________________________________          
Leo Matheson          
Director          
           



Leo Matheson Ltd
STATEMENT OF CHANGES IN EQUITY
as at 31 March 2024

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 April 2022 1 1,515,718 1,515,719
───────── ───────── ─────────
Profit for the financial year - 365,799 365,799
───────── ───────── ─────────
Payment of dividends - (99,232) (99,232)
  ───────── ───────── ─────────
At 31 March 2023 1 1,782,285 1,782,286
  ───────── ───────── ─────────
Profit for the financial year - 88,747 88,747
  ───────── ───────── ─────────
Payment of dividends - (94,497) (94,497)
  ───────── ───────── ─────────
At 31 March 2024 1 1,776,535 1,776,536
  ═════════ ═════════ ═════════



Leo Matheson Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Leo Matheson Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI052143. The registered office of the company is 32 Main Street, Castlewellan, BT31 9DG. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Inventories
Inventoriess are valued at the lower of cost and net realisable value. Inventoriess are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company contributes to a stakeholder pension on behalf of its employees. Additionally contributions were paid into a pension scheme on behalf of the director.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 12 12
  ═════════ ═════════
           
4. Property, plant and equipment
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost or Valuation
At 1 April 2023 305,930 20,285 119,429 445,644
Additions 353,781 3,000 96,250 453,031
Disposals (43,500) - (29,250) (72,750)
  ───────── ───────── ───────── ─────────
At 31 March 2024 616,211 23,285 186,429 825,925
  ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 157,195 10,490 50,909 218,594
Charge for the financial year 70,866 1,807 27,063 99,736
On disposals (28,528) - (16,567) (45,095)
  ───────── ───────── ───────── ─────────
At 31 March 2024 199,533 12,297 61,405 273,235
  ───────── ───────── ───────── ─────────
Carrying amount
At 31 March 2024 416,678 10,988 125,024 552,690
  ═════════ ═════════ ═════════ ═════════
At 31 March 2023 148,735 9,795 68,520 227,050
  ═════════ ═════════ ═════════ ═════════
       
5. Inventories 2024 2023
  £ £
 
Work in progress 969,240 610,789
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 378 5,102
Other debtors 226 -
Taxation  (Note 9) 107,057 44,390
  ───────── ─────────
  107,661 49,492
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,667 10,667
Net obligations under finance leases
and hire purchase contracts 17,461 19,278
Trade payables 1,147,481 263,643
Taxation  (Note 9) 53,265 120,017
Other creditors 5,358 1,524
Accruals 103,382 93,241
  ───────── ─────────
  1,337,614 508,370
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due after more than one year £ £
 
First Trust Loan 12,617 22,556
Finance leases and hire purchase contracts 22,672 5,911
  ───────── ─────────
  35,289 28,467
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 10,667 10,667
Repayable between one and two years 12,617 10,667
Repayable between two and five years - 11,889
  ───────── ─────────
  23,284 33,223
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 17,461 19,278
Repayable between one and five years 22,672 5,911
  ───────── ─────────
  40,133 25,189
  ═════════ ═════════
       
9. Taxation 2024 2023
  £ £
 
Receivables:
VAT 107,057 44,390
  ═════════ ═════════
Payables:
Corporation tax - 99,181
PAYE / NI 11,181 10,834
Subcontractors tax 42,084 10,002
  ───────── ─────────
  53,265 120,017
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 55,822 55,822 51,860
Charged to profit and loss 30,024 30,024 3,962
  ───────── ───────── ─────────
At financial year end 85,846 85,846 55,822
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
   
12. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.