REGISTERED NUMBER: |
MATHYS & SQUIRE SERVICES LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
MATHYS & SQUIRE SERVICES LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 7 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 | to | 20 |
MATHYS & SQUIRE SERVICES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Swansea, United Kingdom |
AUDITORS OFFICE: |
Charter Court |
Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Turnover has increased from £18m in 2023 to £19.8m in 2024. |
The company's key measurement for the effectiveness of its operations is Gross profit which is £275,104 in the year ended 31 March 2024, compared with a gross profit of £458,875 for the year ended 31 March 2023. Gross profit margin has deceased from 2.5% in 2023 to 1.4% in 2024. |
Cash at bank and in hand has increased by £20,113 from the prior year. |
The company's net current liabilities have decreased by £21,793 from the prior year. |
The company had net liabilities of £91,864 as at 31 March 2024 compared with net assets of £83,384 as at 31 March 2023. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the financial performance for the year and financial position at the end of the year to be satisfactory. |
The majority of the company's turnover relates to recharge income from its parent undertaking Mathys & Squire LLP. In addition in the current economic climate, there is a risk to the company's revenue stream relating to sub-let rents from the lease on The Shard offices. |
Liquidity risk |
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient available funds for its operations. |
Credit risk and price risk |
The company is not exposed to significant credit risk or price risk. |
Interest-rate risk |
Exposure to adverse movements in interest rates and fluctuations in exchange rates during the year are not considered by the directors to be significant risks to the company. |
ON BEHALF OF THE BOARD: |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of staff and management services, and sub-letting of office space. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
FUTURE DEVELOPMENTS |
The directors anticipate that the company will continue to provide staff and management services for its parent undertaking and receive rental income from sub-letting office space. |
The directors consider the future prospects of the company to be satisfactory. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been set out in the company's strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, MHA, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MATHYS & SQUIRE SERVICES LTD |
Opinion |
We have audited the financial statements of Mathys & Squire Services Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MATHYS & SQUIRE SERVICES LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. |
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. |
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MATHYS & SQUIRE SERVICES LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Swansea, United Kingdom |
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership |
in England and Wales (registered number OC312313). |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(174,073 | ) | 31,837 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
( |
) |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 March 2024 | ( |
) | ( |
) |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Mathys & Squire Services Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The address of the registered office and the company's principal place of business is The Shard, 32 London Bridge Street, London, SE1 9SG. |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods. |
Recoverability of related party debtors |
The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt. |
Turnover and revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover relating to the provision of services is recognised in the period to which it relates. |
Turnover in respect of rental income and management fees is recognised evenly over the period to which it relates. |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures & fittings | - 10% straight line |
Office equipment | - 25% straight line |
Bicycles | - 25% reducing balance |
Dilapidations | - minimum life of the lease |
Leasehold improvements | - minimum life of the lease |
Financial instruments |
Financial assets |
Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price 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 liabilities |
Basic financial liabilities, including trade creditors, other creditors and bank loans 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also makes contributions to some individual staff members' personal pensions. The amount charged to the income statement represents the contributions payable to the scheme and the individual staff members' personal pensions in respect of the accounting period. |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Accrued income |
Services provided to clients during the period which, at the statement of financial position date, have not been invoiced to clients have been recognised as turnover. Unbilled revenue is included in debtors as accrued income, less provision for amounts which are not expected to be recoverable. |
Accrual for annual leave |
The company accrues for annual leave that was earned but not taken by employees at the statement of financial position date, as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next twelve months. The accrual is measured at the salary cost payable for the period of absence. |
Going concern |
The company has made a loss in the year and has net liabilities as at 31 March 2024. The directors have considered the current financial position and its likely future cashflows. |
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for foreseeable future. |
The directors are confident that the company is in a position to manage the situation and possible outcomes, while working to mitigate the risk where possible. |
After making appropriate enquiries and examining those areas which could give risk to financial exposure, no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern were identified by the directors. Therefore the financial statements have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Professional | 63 | 58 |
Administration | 103 | 98 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors remuneration - audit services |
Auditors remuneration - non-audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Other | - | (1,077 | ) |
Group relief | - | (20,739 | ) |
Total tax charge | - | - |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Office |
Improvements | Bicycles | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related parties | 1,598,256 | 1,145,339 |
Other debtors |
VAT |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
In more than five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions | 1,118,880 | 1,118,880 |
Other provisions relate to provisions for dilapidation costs. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 80,001 | 80,001 |
Ordinary shares have full voting rights, rights in respect of dividends, capital and distribution of capital in the event of the company being wound up. |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 | ( |
) |
16. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company, in independently administered funds. The pension cost charge in the year £803,438 (2023 - £754,647) represents contributions payable by the company to the funds. At the Statement of Financial Position date there were contributions outstanding of £126,487 (2023 - £108,072). |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | RELATED PARTY DISCLOSURES |
Mathys & Squire LLP (Sole shareholder in Mathys & Squire Services Ltd) |
Mathys & Squire Services Ltd supply Mathys & Squire LLP with accommodation and staff and management services. In addition Mathys & Squire LLP pay certain staff costs on behalf of Mathys & Squire Services Ltd. These are transferred back to Mathys & Squire Services Ltd via an inter-company loan account, and then re-billed to Mathys & Squire LLP in the normal manner. |
Mathys & Squire Services Ltd had the following transactions with Mathys & Squire LLP during the year: |
Amounts owed by group undertakings include £235,811 (2023 - £232,633) relating to amounts owed by Mathys & Squire LLP at the statement of financial position date. This balance is interest free and repayable on demand. |
Amounts owed to group undertakings include £1,105,668 (2023 - £234,373) owing to Mathys & Squire LLP at the statement of financial position date. This balance is interest free and repayable on demand. |
Mathys & Squire Consulting Limited (Mathys & Squire LLP is the sole shareholder in Mathys & Squire Consulting Limited). |
Mathys & Squire Services Ltd pay certain operating expenses on behalf of Mathys & Squire Consulting Limited. These are then re-billed to Mathys & Squire Consulting Limited. During the year these were £12,732 (2023 - £5,114). |
Mathys & Squire Services Ltd also bill Mathys & Squire Consulting Limited for London office space occupied by staff of Mathys & Squire Consulting Limited. During the year this was £20,000 (2023 - £20,000). |
Amounts owed by group undertakings include £562,571 (2023 - £439,040) relating to amounts owed by Mathys & Squire Consulting Limited at the statement of financial position date. This balance is interest free and repayable on demand. |
Mathys & Squire Europe LLP |
Amounts owed by related parties include £68,601 (2023 - £70,506) relating to amounts owed by Mathys & Squire Europe LLP at the statement of financial position date. This balance is interest free and repayable on demand. |
Mathys & Squire Patentwalte Partnerschaft mbB (formerly Mathys & Squire GbR) |
The two members of Mathys & Squire Patentwalte Partnerschaft mbB are partners in Mathys & Squire LLP. The two members of Mathys & Squire GbR were partners in Mathys & Squire LLP. |
During the year ended 31st March 2022, Mathys & Squire GbR converted to a professional partnership Mathys & Squire Europe Patentwalte Partnerschaft mbB. The two members of Mathys & Squire Europe Partnerschaft mbB are partners in Mathys & Squire LLP. |
Mathys & Squire Services Ltd paid certain operating expenses on behalf of Mathys & Squire Patentwalte Partnerschaft mbB. These were then re-billed to Mathys & Squire Patentwalte Partnerschaft mbB, together with a charge for the use of fixed assets owned by Mathys & Squire Services Ltd. During the year these were £36,216 (2023 - £44,520). |
Amounts owed by related parties include £1,529,655 (2023 - £1,074,833) relating to amounts owed by Mathys & Squire Patentwalte Partnerschaft mbB at the statement of financial position date. This balance is interest free and repayable on demand |
MATHYS & SQUIRE SERVICES LTD (REGISTERED NUMBER: 09197906) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mathys & Squire LLP. |
Mathys & Squire LLP is the parent undertaking of the smallest and largest group of which this company is a member. |
Copies of Mathys & Squire LLP consolidated financial statements are available from the Registrar of Companies, Crown Way, Maindy, CF14 3UZ. |
Mathys & Squire LLP is controlled by its members as delegated to the management team and as such there is no one controlling party. The LLP does not have a parent undertaking. The ultimate controlling party of the group is considered to be the members in aggregate. |