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Registered number: 10099930
Matrix Business IT Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 10099930
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 113,097 59,583
113,097 59,583
CURRENT ASSETS
Stocks 5 9,873 10,785
Debtors 6 667,238 461,616
Cash at bank and in hand 292,476 610,125
969,587 1,082,526
Creditors: Amounts Falling Due Within One Year 7 (761,904 ) (762,760 )
NET CURRENT ASSETS (LIABILITIES) 207,683 319,766
TOTAL ASSETS LESS CURRENT LIABILITIES 320,780 379,349
Creditors: Amounts Falling Due After More Than One Year 8 (73,629 ) (110,602 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (9,712 ) (17,730 )
Deferred Taxation (1,244 ) (1,244 )
NET ASSETS 236,195 249,773
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 236,095 249,673
SHAREHOLDERS' FUNDS 236,195 249,773
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
J N Cronin
Director
27 January 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Matrix Business IT Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10099930 . The registered office is Main Barn, Cams Hall Estate, Fareham, Hampshire, PO16 8UT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined that the accounting policy in place in respect of turnover recognition and measurement is reasonable.
- Determined that the measurement and recognition policies in place in respect of stock is reasonable and appropriate.
- Determined whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the financial viability and expected future financial performance of the asset.
- Assessed the warranty provision included in the financial statements to ensure it accurately reflects the contractual position.
2.4. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover 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 turnover 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.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
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2.5. Tangible Fixed Assets and Depreciation
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 straight-line method.
Depreciation is provided on the following basis:
Leasehold 10 years stright-line
Plant & Machinery 25% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% stright-line and 25% reducing balance
Computer Equipment 25% stright-line
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. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
2.7. Stocks and Work in Progress
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.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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2.9. Foreign Currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. The functional and presentational currencies of the company are GBP.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2.12. Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 43)
48 43
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4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 May 2023 - 114,718 114,718
Additions 42,945 37,112 80,057
As at 30 April 2024 42,945 151,830 194,775
Depreciation
As at 1 May 2023 - 55,135 55,135
Provided during the period 716 25,827 26,543
As at 30 April 2024 716 80,962 81,678
Net Book Value
As at 30 April 2024 42,229 70,868 113,097
As at 1 May 2023 - 59,583 59,583
5. Stocks
2024 2023
£ £
Stock 9,873 10,785
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 386,829 204,864
Amounts owed by group undertakings 209,370 225,026
Other debtors 71,039 31,726
667,238 461,616
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 435,288 484,272
Bank loans and overdrafts 36,973 35,456
Amounts owed to group undertakings 6,801 7,551
Other creditors 109,661 97,047
Taxation and social security 173,181 138,434
761,904 762,760
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 73,629 110,602
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
At 30 April the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
2024 2023
£ £
Not later than one year 169,291 84,115
Later than one year and not later than five years 545,331 261,887
Later than five years 591,667 645,884
1,306,289 991,886
11. Related Party Transactions
The company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
At the balance sheet date the company was owed a total of £209,670 (2023: £194,091) in respect of loans and cash advances by Matrix Property Group Ltd, a company associated by common control.
During the year an inter-company loan amount owed to the company by M IT Consultancy Ltd, a company associated by common control, totalling £31,003 was written off as a bad debt.
12. Ultimate Controlling Party
The immediate and ultimate parent undertaking is Matrix Business Group Limited, a company registered in England and Wales.
The ultimate controlling party is J N Cronin, by virtue of his shareholding in the immediate parent undertaking.
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