2023-08-012024-07-312024-07-31false14224109PRODUCT MATTERS 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PRODUCT MATTERS LTD

Registered Number
14224109
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

PRODUCT MATTERS LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

GRAHAM, Andrew James

Registered Address

26 Frezenberg Close
Burbage
Hinckley
LE10 2FL

Registered Number

14224109 (England and Wales)
PRODUCT MATTERS LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets341,26451,036
41,26451,036
Current assets
Debtors454,0545,625
Cash at bank and on hand50,10710,929
104,16116,554
Creditors amounts falling due within one year5(29,344)(20,115)
Net current assets (liabilities)74,817(3,561)
Total assets less current liabilities116,08147,475
Net assets116,08147,475
Capital and reserves
Called up share capital11
Profit and loss account116,08047,474
Shareholders' funds116,08147,475
The financial statements were approved and authorised for issue by the Director on 28 March 2025, and are signed on its behalf by:
GRAHAM, Andrew James
Director
Registered Company No. 14224109
PRODUCT MATTERS LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 August 231,87946,9804,07752,936
Additions171-1,5521,723
Transfers(854)--(854)
At 31 July 241,19646,9805,62953,805
Depreciation and impairment
At 01 August 23-7501,1501,900
Charge for year2958,9931,35310,641
At 31 July 242959,7432,50312,541
Net book value
At 31 July 2490137,2373,12641,264
At 31 July 231,87946,2302,92751,036
4.Debtors: amounts due within one year

2024

2023

££
Other debtors47,567-
Prepayments and accrued income6,4875,625
Total54,0545,625
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables202186
Taxation and social security29,14219,212
Other creditors-717
Total29,34420,115
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.