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Registration number: 04862076

Matthew Churchill Ltd

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Matthew Churchill Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Matthew Churchill Ltd

Company Information

Directors

T Churchill

M J Churchill

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Matthew Churchill Ltd

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,226

320

Current assets

 

Debtors

5

51,127

155,828

Cash at bank and in hand

 

76,056

8,899

 

127,183

164,727

Creditors: Amounts falling due within one year

6

(152,669)

(161,065)

Net current (liabilities)/assets

 

(25,486)

3,662

Net (liabilities)/assets

 

(24,260)

3,982

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(24,360)

3,882

Total equity

 

(24,260)

3,982

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

.........................................

M J Churchill

Director

Company registration number: 04862076

 

Matthew Churchill Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of services to the creative industry.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The statement of financial position at 28 February 2024 showed net liabilities of £24,260. The directors are hopeful of improved trading subsequent to 29 February 2024 sufficient to provide adequate working capital to enable the company to meet its obligations as they fall due.

On the bases of the above, the directors have reasonable expectation that the company has adequate resources to configure in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion of contractual services when the amount of revenue can be reliably measured.

 

Matthew Churchill Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Matthew Churchill Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 March 2023

480

480

Additions

1,599

1,599

At 29 February 2024

2,079

2,079

Depreciation

At 1 March 2023

160

160

Charge for the year

693

693

At 29 February 2024

853

853

Carrying amount

At 29 February 2024

1,226

1,226

At 28 February 2023

320

320

5

Debtors

2024
£

2023
£

Other debtors

51,127

155,828

51,127

155,828

 

Matthew Churchill Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

30,983

30,983

Taxation and social security

26,389

34,170

Other creditors

95,297

95,912

152,669

161,065

7

Transactions With Directors

At 28 February 2024 an amount of £35,010 (2023: £105,753) was due from the directors. During the year advances of £69,460 and repayments of £141,768 were made. Interest of £1,566 (2023: £1,047) is payable to the company at 2.25% per annum. There are no agreed terms.