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REGISTERED NUMBER: 03382443 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Matrix Network Services Ltd

Matrix Network Services Ltd (Registered number: 03382443)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Matrix Network Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs R Hurk
D S Lidgett





SECRETARY: Mrs R Hurk





REGISTERED OFFICE: Unit 3 Riverside Court
Skellingthorpe Road
Saxilby
Lincoln
Lincolnshire
LN1 5AB





REGISTERED NUMBER: 03382443 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Matrix Network Services Ltd (Registered number: 03382443)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,797 31,613

CURRENT ASSETS
Stocks 18,266 22,820
Debtors 5 814,906 769,763
Cash at bank 348 2,898
833,520 795,481
CREDITORS
Amounts falling due within one year 6 644,608 641,843
NET CURRENT ASSETS 188,912 153,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

220,709

185,251

CREDITORS
Amounts falling due after more than one
year

7

(35,919

)

(25,167

)

PROVISIONS FOR LIABILITIES (2,751 ) -
NET ASSETS 182,039 160,084

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 21,274 21,274
Retained earnings 160,665 138,710
SHAREHOLDERS' FUNDS 182,039 160,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mrs R Hurk - Director


Matrix Network Services Ltd (Registered number: 03382443)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Matrix Network Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of value added tax.

Tangible fixed assets
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & machinery- 35% reducing balance
Fixtures & fittings- 35% reducing balance
Motor vehicles- 35% reducing balance
Equipment- 25% straight line & reducing balance


All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Matrix Network Services Ltd (Registered number: 03382443)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase
Amounts payable in respect of hire of equipment or operating leases are charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 37,538 2,667 5,850 17,622 63,677
Additions 4,450 - - - 4,450
Disposals - (1,682 ) (5,850 ) - (7,532 )
At 31 March 2024 41,988 985 - 17,622 60,595
DEPRECIATION
At 1 April 2023 8,992 2,550 5,850 14,672 32,064
Charge for year 3,300 40 - 890 4,230
Eliminated on disposal - (1,646 ) (5,850 ) - (7,496 )
At 31 March 2024 12,292 944 - 15,562 28,798
NET BOOK VALUE
At 31 March 2024 29,696 41 - 2,060 31,797
At 31 March 2023 28,546 117 - 2,950 31,613

Amounts payable in respect of hire of equipment or operating leases are charged to the profit and loss account.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 227,748 193,264
Amounts owed by group undertakings 559,153 559,153
Other debtors 28,005 17,346
814,906 769,763

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 247,292 242,369
Trade creditors 118,246 102,049
Taxation and social security 229,028 244,303
Other creditors 50,042 53,122
644,608 641,843

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,167 25,167
Taxation and social security 20,752 -
35,919 25,167

Matrix Network Services Ltd (Registered number: 03382443)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 171,296 142,375
Bank loans 91,163 125,161
262,459 267,536

Security on the Lloyds bank commercial finance is through fixed and floating charges over the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary £1 80 80
20 Ordinary B £1 20 20
100 100

10. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 21,274

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Matrix N S (Holdings) Limited (formally HSR MNS 2014 Limited) by virtue of holding 100% of the Ordinary A and Ordinary B shares.

The ultimate controlling party of Matrix N S (Holdings) Limited is R. Hurk via holding 60% of the issued share capital.