Registered number: 05848999
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
REGISTERED NUMBER: 05848999
BALANCE SHEET
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 9 form part of these financial statements.
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Matthews Southwest Consulting EMEA Limited is a private company limited by shares. It is incorporated in England and Wales with registered number 05848999. The address of the registered office is Fieldfisher 17th Floor, No 1 Spinningfields, 1 Hardman Street, Manchester, United Kingdom, M3 3EB.
The principal place of business of the Dubai Branch is located at Office No. 3301-2, The H Office Tower One, Sheikh Zayed Road, Dubai, United Arab Emirates. The principal place of business of the Abu Dhabi Branch is located at 358, Al Mantaqah As Sina'iyah 1 St, Musaffah, Abu Dhabi, United Arab Emirates.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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:
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.
Fee income is not recognised where the right to receive payment is contingent on events outside the control of the Company.
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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:
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Fixtures, fittings, furniture and other equipment
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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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is AED. This differs from the presentational currency which is GBP. The Company completes all of its trading within the United Arab Emirates and results are considered to be assessed in United Arab Emirates Dirham (AED), the primary economic environment in which the entity operates and functional currency. The presentational currency continues to be that of GBP.
At the year end, the audited financial statements for the Dubai and Abu Dhabi branches, with a functional currency of AED, are translated into the presentational currency of GBP. The foreign exchange movement on translation of these branches into GBP is shown within Other Comprehensive Income.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
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.
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The average monthly number of employees, including directors, during the year was 11 (2023 - 9).
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Foreign exchange movement
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Foreign exchange movement
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Fixtures, fittings, furniture and other equipment
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Statutory employee gratuities
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Charged to profit or loss
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Charged to other comprehensive income
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The liability represents a statutory requirement to provide a final payment to staff who have worked for more than one year for the Company in Dubai and Abu Dhabi. Payments will be made and the provision released as those employees leave the company, the timing of which is uncertain.
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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During the year, management identified that prior year bonus paid to management amounting to £124,552 had been incorrectly accounted through Other comprehensive income and not Administrative expenses. Accordingly, the financial statements for the previous year have been restated to rectify the error. The comparative figures in respect of Administrative expenses and Currency translation differences have been restated to recognise the bonus expense as an Administrative expense, which was previously recognised as a Currency translation difference expense. This has resulted in an increase in Administrative expenses and a decrease in Currency translation differences of £124,552. The adjustment has no impact on Total comprehensive income for the year.
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Commitments under operating leases
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At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Related party transactions
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During the year the Company incurred expenses of £Nil (2023: £529,433) and received income of £742,003 (2023: £588,168) from the parent entity. The Company also recharged rent and administration costs of £9,148 (2023: £20,474).
At the year end the balance owed from the parent company was £229,333 (2023: £77,758). The balance is interest free and repayable on demand.
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The parent company is Matthews Southwest Developments EMEA Ltd, registered in the British Virgin Islands.
The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.
The audit report was signed on 4 February 2025 by Richard Vass (Senior Statutory Auditor) on behalf of Price Bailey LLP.
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