Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 0 | 3,312,199 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 12,151 | 454,506 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets/(liabilities) | 2,787 | (2,132,045) | ||
| Total assets less current liabilities | 2,787 | 1,180,154 | ||
| Creditors: amounts falling due after more than one year | 6 |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mat Interco Limited (registered number:
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Gregory Alan Molter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mat Interco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Hameldown Road, Exeter Road Industrial Estate, Okehampton, EX20 1UB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
In 2024 the directors made the decision that the Company would cease trading. The strike off from the Company Registrar is expected to be finalised in 2025. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 January 2024 |
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| Disposals | (
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| At 31 December 2024 |
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| Provisions for impairment | |
| At 01 January 2024 |
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| Impairment |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Amounts owed by Parent undertakings |
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| Other debtors |
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| £ | £ | ||
| Amounts owed to Group undertakings |
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| Accruals |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 2,212 | 2,212 |
Transactions with owners holding a participating interest in the entity
Mat Interco Limited has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to directors | 0 | 542,461 |
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to associated companies | 0 | 2,320,381 |
During the accounting period, loan balances held between Mat Interco Limited and other companies under common control totalling £278,808 were written off.