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Registered number: 05848999









MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
REGISTERED NUMBER: 05848999

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
15,896
13,713

Tangible assets
 5 
11,876
13,487

  
27,772
27,200

Current assets
  

Debtors: amounts falling due within one year
 6 
669,559
722,778

Cash at bank and in hand
 7 
748,649
728,828

  
1,418,208
1,451,606

Creditors: amounts falling due within one year
 8 
(64,576)
(43,077)

Net current assets
  
 
 
1,353,632
 
 
1,408,529

Total assets less current liabilities
  
1,381,404
1,435,729

Provisions for liabilities
  

Other provision
 9 
(226,907)
(183,476)

Net assets
  
 
 
1,154,497
 
 
1,252,253


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
1,153,497
1,251,253

  
1,154,497
1,252,253


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: 


J Burlumi
S Coates
Director
Director


Date: 31 January 2025
Date:31 January 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

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:

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.

Page 2

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

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:

Computer software
-
3
years

 
2.4

Tangible fixed assets

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:

Fixtures, fittings, furniture and other equipment
-
3 years

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.

 
2.5

Debtors

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.

 
2.6

Cash and cash equivalents

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.

 
2.7

Financial instruments

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.


Page 3

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Creditors

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.

 
2.9

Foreign currency translation

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.

 
2.10

Provisions for liabilities

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 9).

Page 4

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Computer software

£



Cost


At 1 May 2023
36,426


Additions
11,201


Foreign exchange movement
221



At 30 April 2024

47,848



Amortisation


At 1 May 2023
22,713


Charge for the year
9,092


Foreign exchange movement
147



At 30 April 2024

31,952



Net book value



At 30 April 2024
15,896



At 30 April 2023
13,713



Page 5

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Fixtures, fittings, furniture and other equipment

£



Cost or valuation


At 1 May 2023
219,433


Additions
9,516


Exchange adjustments
1,079



At 30 April 2024

230,028



Depreciation


At 1 May 2023
205,946


Charge for the year
11,187


Exchange adjustments
1,019



At 30 April 2024

218,152



Net book value



At 30 April 2024
11,876



At 30 April 2023
13,487

Page 6

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
365,068
318,192

Amounts owed by group undertakings
229,333
77,758

Other debtors
4,120
3,371

Prepayments and accrued income
71,038
323,457

669,559
722,778



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
748,649
728,828

748,649
728,828



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,251
913

Other taxation and social security
24,276
7,215

Accruals and deferred income
36,049
34,949

64,576
43,077


Page 7

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Provisions





Statutory employee gratuities

£





At 1 May 2023
183,476


Charged to profit or loss
42,377


Charged to other comprehensive income
1,054



At 30 April 2024
226,907

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. 


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Prior year adjustment

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.


12.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
3,171
26,069

Later than 1 year and not later than 5 years
-
1,857

3,171
27,926

Page 8

 
MATTHEWS SOUTHWEST CONSULTING EMEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Related party transactions

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.


14.


Controlling party

The parent company is Matthews Southwest Developments EMEA Ltd, registered in the British Virgin Islands.


15.


Auditor's information

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.

Page 9