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Company registration number: 14437688
MATTHEWS AND SAVAGE HOLDINGS LTD
Unaudited filleted financial statements
31 October 2024
MATTHEWS AND SAVAGE HOLDINGS LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
MATTHEWS AND SAVAGE HOLDINGS LTD
Directors and other information
Directors Mr James Matthews
Mr Russell Savage
Company number 14437688
Registered office 5-7 Turnham Green Terrace
London
W4 1RG
MATTHEWS AND SAVAGE HOLDINGS LTD
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 799,173 799,173
_______ _______
799,173 799,173
Current assets
Debtors 6 30,000 -
Cash at bank and in hand 12,760 26,490
_______ _______
42,760 26,490
Creditors: amounts falling due
within one year 7 ( 6,741) ( 7,282)
_______ _______
Net current assets 36,019 19,208
_______ _______
Total assets less current liabilities 835,192 818,381
Creditors: amounts falling due
after more than one year 8 ( 799,173) ( 799,173)
_______ _______
Net assets 36,019 19,208
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,919 19,108
_______ _______
Shareholders funds 36,019 19,208
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2025 , and are signed on behalf of the board by:
Mr James Matthews Mr Russell Savage
Director Director
Company registration number: 14437688
MATTHEWS AND SAVAGE HOLDINGS LTD
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5-7 Turnham Green Terrace, London, W4 1RG.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 November 2023 and 31 October 2024 799,173 799,173
_______ _______
Impairment
At 1 November 2023 and 31 October 2024 - -
_______ _______
Carrying amount
At 31 October 2024 799,173 799,173
_______ _______
At 31 October 2023 799,173 799,173
_______ _______
The director, Mr R Savage and J Matthews are with a professional opinion that the investment property is stated at fair value. There has been no valuation of investment property by an independent valuer.
6. Debtors
2024 2023
£ £
Other debtors 30,000 -
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 3,941 4,482
Other creditors 2,800 2,800
_______ _______
6,741 7,282
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Amounts owed to connected company 799,173 799,173
_______ _______
At the end of the financial year, the entity owed £799,173 to connected company Whitman & Co Ltd. This loan relates to the purchase of the investment property.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr James Matthews ( 950) - ( 950)
Mr Russell Savage ( 950) - ( 950)
_______ _______ _______
( 1,900) - ( 1,900)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr James Matthews - ( 950) ( 950)
Mr Russell Savage - ( 950) ( 950)
_______ _______ _______
- ( 1,900) ( 1,900)
_______ _______ _______
11. Related party
During the year the entity charged £1,200 for storage costs to Whitman & Co Lettings Ltd and Whitman & Co Ltd respectivelly, the companies in which the directors have participating interest. No amounts are outstanding at the year end.