Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruefalse2023-01-01No description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07002029 2023-01-01 2023-12-31 07002029 2022-01-01 2022-12-31 07002029 2023-12-31 07002029 2022-12-31 07002029 c:Director1 2023-01-01 2023-12-31 07002029 d:PlantMachinery 2023-01-01 2023-12-31 07002029 d:PlantMachinery 2023-12-31 07002029 d:PlantMachinery 2022-12-31 07002029 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07002029 d:MotorVehicles 2023-01-01 2023-12-31 07002029 d:MotorVehicles 2023-12-31 07002029 d:MotorVehicles 2022-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07002029 d:FurnitureFittings 2023-01-01 2023-12-31 07002029 d:FurnitureFittings 2023-12-31 07002029 d:FurnitureFittings 2022-12-31 07002029 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07002029 d:OfficeEquipment 2023-01-01 2023-12-31 07002029 d:OfficeEquipment 2023-12-31 07002029 d:OfficeEquipment 2022-12-31 07002029 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07002029 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07002029 d:CurrentFinancialInstruments 2023-12-31 07002029 d:CurrentFinancialInstruments 2022-12-31 07002029 d:Non-currentFinancialInstruments 2023-12-31 07002029 d:Non-currentFinancialInstruments 2022-12-31 07002029 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07002029 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07002029 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07002029 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07002029 d:ShareCapital 2023-12-31 07002029 d:ShareCapital 2022-12-31 07002029 d:RetainedEarningsAccumulatedLosses 2023-12-31 07002029 d:RetainedEarningsAccumulatedLosses 2022-12-31 07002029 c:FRS102 2023-01-01 2023-12-31 07002029 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07002029 c:FullAccounts 2023-01-01 2023-12-31 07002029 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07002029 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07002029 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07002029 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07002029 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07002029 2 2023-01-01 2023-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 07002029 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07002029









MATT UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MATT UK LIMITED
REGISTERED NUMBER: 07002029

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
24,062
37,812

  
24,062
37,812

Current assets
  

Debtors: amounts falling due within one year
 5 
3,790,863
913,518

Cash at bank and in hand
 6 
94,510
30,685

  
3,885,373
944,203

Creditors: amounts falling due within one year
 7 
(4,985,713)
(1,597,051)

Net current liabilities
  
 
 
(1,100,340)
 
 
(652,848)

Total assets less current liabilities
  
(1,076,278)
(615,036)

Creditors: amounts falling due after more than one year
 8 
-
(11,743)

  

Net liabilities
  
(1,076,278)
(626,779)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,076,378)
(626,879)

  
(1,076,278)
(626,779)


Page 1

 
MATT UK LIMITED
REGISTERED NUMBER: 07002029
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 4 April 2025.




................................................
P F Connolly
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Matt UK Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 07002029. The address of the registered office is C/o Htl, Deptford Recycling Centre Landmann Way, Deptford, London, SE14 5RS. The principal activity of the company during the year continued to be that of recovery of sorted materials.

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 company's functional currency is GBP and the financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has generated a loss for the year of £478,008 (2023 - £354,915) and has net liabilities at the year end of £1,104,787 (2023 - £626,779). The company relies on financial support from related companies to meet its financial obligations. The director has no reason to believe that this support will not continue for the foreseeable future and on this basis the accounts have been prepared on the going concern basis.

 
2.3

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:

Turnover is recognised upon the receipt and acceptance of waste products from customers.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

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:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
87,855
55,000
70,612
4,837
218,304


Additions
350,000
-
-
-
350,000


Disposals
(437,855)
-
(70,612)
(4,837)
(513,304)



At 31 December 2023

-
55,000
-
-
55,000



Depreciation


At 1 January 2023
87,855
17,188
70,612
4,837
180,492


Charge for the year on financed assets
-
13,750
-
-
13,750


Disposals
(87,855)
-
(70,612)
(4,837)
(163,304)



At 31 December 2023

-
30,938
-
-
30,938



Net book value



At 31 December 2023
-
24,062
-
-
24,062



At 31 December 2022
-
37,812
-
-
37,812

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
24,062
37,812

Page 6

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
591,232

Amounts owed by joint ventures and associated undertakings
3,679,115
49,706

Other debtors
99,478
272,580

Tax recoverable
12,270
-

3,790,863
913,518



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
94,510
30,685



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,356,149
732,885

Corporation tax
12,270
137

Obligations under finance lease and hire purchase contracts
11,743
14,627

Other creditors
1,600,807
843,662

Accruals and deferred income
4,744
5,740

4,985,713
1,597,051


Page 7

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
11,743


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
11,743
26,370

Details of security provided:

The hire purchase balance is secured against the asset for which it was used to acquire. 


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,223
14,627

Between 1-5 years
-
11,743

10,223
26,370


10.


Transactions with directors

During the year the company operated a loan account with P Connolly, a director of the company. The amount owed at the year end was £47,350 (2023 - £10,000). No interest was charged on this loan.

Page 8

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

During the year the company operated a loan account with S Brady, an associate of the company. The amount owed at the year end was £Nil (2023 - £20,000).
During the year the company operated a loan account with T Connolly, an associate of the company. The amount outstanding at the year end was £Nil (2023 - £150,000). Interest was not charged on the loan balance.
During the year the company operated a loan account with SSSI Limited, a company of which P Connolly is a director. The amount owed at the year end was £47,350 (2023 - £30,000).
During the year the company operated a loan account with Bradtower Limited, a company of which P Connolly is a director. The amount owed at the year end was £1,570,806 (2023 - £793,338). 


12.


Controlling party

The ultimate controlling party is P Connolly.

 
Page 9