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31/05/2024
2024-05-31
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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.0 - FRS102_2023
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01370376
2023-06-01
2024-05-31
01370376
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01370376
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01370376
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01370376
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01370376
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01370376
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2023-05-31
01370376
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2023-05-31
01370376
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01370376
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01370376
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Company registration number:
01370376
MATRIX LOGIC LIMITED
Unaudited filleted financial statements
31 May 2024
MATRIX LOGIC LIMITED
Contents
Directors report
Statement of financial position
Notes to the financial statements
MATRIX LOGIC LIMITED
Directors report
Year ended 31st May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31st May 2024.
Directors
The directors who served the company during the year were as follows:
|
Mr F M Jackson |
Mr A G Jackson |
Mrs H A Hinxman |
|
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
19 February 2025
and signed on behalf of the board by:
Mr F M Jackson
Director
MATRIX LOGIC LIMITED
Statement of financial position
31st May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
1 |
|
|
|
1 |
|
|
Tangible assets |
|
6 |
226 |
|
|
|
301 |
|
|
Investments |
|
7 |
1,941,810 |
|
|
|
1,918,355 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,942,037 |
|
|
|
1,918,657 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
8 |
878 |
|
|
|
1,679 |
|
|
Cash at bank and in hand |
|
|
12,549 |
|
|
|
2,632 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
13,427 |
|
|
|
4,311 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
102,069) |
|
|
|
(
118,537) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
88,642) |
|
|
|
(
114,226) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,853,395 |
|
|
|
1,804,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
241,631) |
|
|
|
(
241,631) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,611,764 |
|
|
|
1,562,800 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100,000 |
|
|
|
100,000 |
Share premium account |
|
|
|
|
105,520 |
|
|
|
105,520 |
Fair value reserve |
|
|
|
|
1,189,326 |
|
|
|
1,189,326 |
Profit and loss account |
|
|
|
|
216,918 |
|
|
|
167,954 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,611,764 |
|
|
|
1,562,800 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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For the year ending 31 May 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 February 2025
, and are signed on behalf of the board by:
Mr F M Jackson
Director
Company registration number:
01370376
MATRIX LOGIC LIMITED
Notes to the financial statements
Year ended 31st May 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 Matrix Logic Ltd, Aldebaran, Mixbury, Brackley, Northamptonshire, NN13 5RR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
At 1st June 2023 and 31st May 2024 |
79,006 |
79,006 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
Amortisation |
|
|
|
|
|
|
At 1st June 2023 and 31st May 2024 |
79,005 |
79,005 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
At 31st May 2024 |
1 |
1 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31st May 2023 |
1 |
1 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
Through acquisitions Matrix Logic Limited and its subsidiaries have acquired all the Intellectual Property and Copyright associated with the software packages authored by Computer Plan Limited, Scott Whittaker Limited, Advanced Business Technology Limited and New Computer Services Limited at a cost of £79,006. This cost has now been depreciated to £1. In the opinion of the directors this retains a value as the software continues to be licensed and has been upgraded to incorporate all necessary modifications.
6.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1st June 2023 and 31st May 2024 |
535 |
535 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1st June 2023 |
234 |
234 |
|
|
|
|
|
|
Charge for the year |
75 |
75 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31st May 2024 |
309 |
309 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31st May 2024 |
226 |
226 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31st May 2023 |
301 |
301 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Investments
|
|
Investment property |
Participating interests |
Other investments other than loans |
Total |
|
|
|
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
At 1st June 2023 |
1,500,000 |
31,545 |
386,810 |
1,918,355 |
|
|
Disposals |
- |
- |
(
10,001) |
(
10,001) |
|
|
Fair value adjustment |
- |
- |
33,456 |
33,456 |
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
At 31st May 2024 |
1,500,000 |
31,545 |
410,265 |
1,941,810 |
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
Impairment |
|
|
|
|
|
|
At 1st June 2023 and 31st May 2024 |
- |
- |
- |
- |
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
At 31st May 2024 |
1,500,000 |
31,545 |
410,265 |
1,941,810 |
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
At 31st May 2023 |
1,500,000 |
31,545 |
386,810 |
1,918,355 |
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
The fair value of the property at May 2024 has been arrived at on the basis of a valuation carried out at that date by Mr F Jackson, a director of the company who is not a professionally qualified valuer. The valuation which does not differ from the previous reporting period, was arrived at by reference to the surrounding.
8.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
- |
610 |
|
Other debtors |
|
878 |
1,069 |
|
|
|
_______ |
_______ |
|
|
|
878 |
1,679 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,872 |
449 |
|
Other creditors |
|
100,197 |
118,088 |
|
|
|
_______ |
_______ |
|
|
|
102,069 |
118,537 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Computer Plan |
- |
- |
(
31,545) |
(
31,545) |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|