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Registered number: 12750767
Matrix Property Group Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 12750767
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 602,302 602,302
602,302 602,302
CURRENT ASSETS
Debtors 5 8,246 3,956
Cash at bank and in hand 599 4,082
8,845 8,038
Creditors: Amounts Falling Due Within One Year 6 (226,950 ) (212,004 )
NET CURRENT ASSETS (LIABILITIES) (218,105 ) (203,966 )
TOTAL ASSETS LESS CURRENT LIABILITIES 384,197 398,336
Creditors: Amounts Falling Due After More Than One Year 7 (379,955 ) (388,821 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (454 ) (454 )
NET ASSETS 3,788 9,061
CAPITAL AND RESERVES
Called up share capital 744 744
Income Statement 3,044 8,317
SHAREHOLDERS' FUNDS 3,788 9,061
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Matrix Property Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12750767 . 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 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.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover related to the rental of commercial property is recognised in line with the tenancy agreement in place with the tenant.
2.5. Investment Properties
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
2.6. 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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2.7. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interestmethod so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 602,302
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 602,302 602,302
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,500 -
Other debtors 3,746 3,956
8,246 3,956
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 9,272 9,439
Amounts owed to participating interests 209,370 194,091
Other creditors 4,177 4,178
Taxation and social security 4,131 4,296
226,950 212,004
Debentures were registered against the company by Wesleyan Bank Limited. These contain a fixed and floating charge over all property and undertakings of the company.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 379,955 388,821
8. Related Party Transactions
At the balance sheet date, the Company owed Matrix Business IT Limited, a company under common control, a total of £209,370 (2023: £194,091). This balance is included within creditors.
9. Ultimate Controlling Party
The ultimate controlling party is J N Cronin, by virtue of his directorship and shareholding in the company.
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