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COMPANY REGISTRATION NUMBER: 01348749
MATREC (DEVELOPMENTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
MATREC (DEVELOPMENTS) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered tax advisers report to the directors on the preparation of the unaudited statutory financial statements of matrec (developments) limited
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
7
Notes to the financial statements
8
MATREC (DEVELOPMENTS) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
G Outhwaite
P L Wright
Company secretary
Shepherd Private Clients Limited
Registered office
Suite 101
Highfield House
Cheadle Royal Business Park
Cheadle
SK7 3GY
Company number 01348749
Accountants
Shepherd Private Clients Limited
Chartered Tax Advisers
Suite 101
Highfield House
Cheadle Royal Business Park
Cheadle
SK8 3GY
MATREC (DEVELOPMENTS) LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
G Outhwaite
P L Wright
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
P L Wright
Director
Registered office:
Suite 101
Highfield House
Cheadle Royal Business Park
Cheadle
SK7 3GY
MATREC (DEVELOPMENTS) LIMITED
CHARTERED TAX ADVISERS REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MATREC (DEVELOPMENTS) LIMITED
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Matrec (Developments) Limited for the year ended 31 March 2024, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Institute of Taxation (CIOT), we are subject to its ethical and other professional requirements which are detailed at www.tax.org.uk/professional-standards. Our work has been undertaken in accordance with the requirements of Chartered Institute of Taxation (CIOT) as detailed at www.tax.org.uk.
Shepherd Private Clients Limited Chartered Tax Advisers
Suite 101 Highfield House Cheadle Royal Business Park Cheadle SK8 3GY
30 January 2025
MATREC (DEVELOPMENTS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
Turnover
127,203
130,613
Cost of sales
( 18,189)
( 15,390)
---------
---------
Gross profit
109,014
115,223
Administrative expenses
( 69,326)
( 66,364)
Other operating income
19,250
---------
---------
Operating profit
39,688
68,109
Fair value gains (losses)
( 7,016)
Other interest receivable and similar income
2
Interest payable and similar expenses
( 1)
( 3)
---------
---------
Profit before taxation
5
39,689
61,090
Tax on profit
( 6,410)
823
--------
--------
Profit for the financial year and total comprehensive income
33,279
61,913
--------
--------
All the activities of the company are from continuing operations.
MATREC (DEVELOPMENTS) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
2,498,457
2,501,167
Current assets
Debtors
7
6,634
6,540
Cash at bank and in hand
125,177
1,180,668
---------
------------
131,811
1,187,208
Creditors: amounts falling due within one year
8
( 25,861)
( 19,137)
---------
------------
Net current assets
105,950
1,168,071
------------
------------
Total assets less current liabilities
2,604,407
3,669,238
Creditors: amounts falling due after more than one year
9
( 1,521,182)
( 2,617,646)
Provisions
( 15,636)
( 17,282)
------------
------------
Net assets
1,067,589
1,034,310
------------
------------
Capital and reserves
Called up share capital
52
52
Capital redemption reserve
49
49
Other reserves
66,660
65,014
Profit and loss account
1,000,828
969,195
------------
------------
Shareholders funds
1,067,589
1,034,310
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MATREC (DEVELOPMENTS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
P L Wright
Director
Company registration number: 01348749
MATREC (DEVELOPMENTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total
£
£
£
£
£
At 1 April 2022
52
49
64,191
908,105
972,397
Profit for the year
61,913
61,913
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
823
( 823)
----
----
--------
---------
---------
Total comprehensive income for the year
823
61,090
61,913
At 31 March 2023
52
49
65,014
969,195
1,034,310
Profit for the year
33,279
33,279
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
1,646
( 1,646)
----
----
--------
---------
------------
Total comprehensive income for the year
1,646
31,633
33,279
----
----
--------
------------
------------
At 31 March 2024
52
49
66,660
1,000,828
1,067,589
----
----
--------
------------
------------
MATREC (DEVELOPMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 101, Highfield House, Cheadle Royal Business Park, Cheadle, SK7 3GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
3,000
3,812
-------
-------
6. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
2,490,000
12,148
5,226
24,726
2,532,100
Additions
290
290
------------
--------
-------
--------
------------
At 31 March 2024
2,490,000
12,148
5,516
24,726
2,532,390
------------
--------
-------
--------
------------
Depreciation
At 1 April 2023
11,797
4,841
14,295
30,933
Charge for the year
123
269
2,608
3,000
------------
--------
-------
--------
------------
At 31 March 2024
11,920
5,110
16,903
33,933
------------
--------
-------
--------
------------
Carrying amount
At 31 March 2024
2,490,000
228
406
7,823
2,498,457
------------
--------
-------
--------
------------
At 31 March 2023
2,490,000
351
385
10,431
2,501,167
------------
--------
-------
--------
------------
The directors review the value of the investment properties annually and are satisfied that they are held at open market value. The historic cost for these properties is £2,522,413.
7. Debtors
2024
2023
£
£
Trade debtors
1,012
Other debtors
5,622
6,540
-------
-------
6,634
6,540
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,464
3,863
Corporation tax
8,056
Social security and other taxes
848
39
Other creditors
14,493
15,235
--------
--------
25,861
19,137
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,521,182
2,617,646
------------
------------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
15,636
17,282
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
15,636
17,282
--------
--------
11. Directors' advances, credits and guarantees
At the year end a balance of £1,521,182 (2023: £2,617,646) was owed by the company to the directors. There are no immediate plans to repay the loans as the company has the full support of the directors. The loans are interest free.