Matthews Independent Funeral Directors Limited 05307476 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of funeral directors Digita Accounts Production Advanced 6.30.9574.0 true 05307476 2023-09-01 2024-08-31 05307476 2024-08-31 05307476 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 05307476 core:AccruedLiabilitiesDeferredTax 2024-08-31 05307476 core:CurrentFinancialInstruments 2024-08-31 05307476 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 05307476 core:Non-currentFinancialInstruments 2024-08-31 05307476 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 05307476 core:Goodwill 2024-08-31 05307476 core:FurnitureFittingsToolsEquipment 2024-08-31 05307476 core:MotorVehicles 2024-08-31 05307476 bus:SmallEntities 2023-09-01 2024-08-31 05307476 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05307476 bus:FilletedAccounts 2023-09-01 2024-08-31 05307476 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 05307476 bus:RegisteredOffice 2023-09-01 2024-08-31 05307476 bus:Director1 2023-09-01 2024-08-31 05307476 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05307476 core:Goodwill 2023-09-01 2024-08-31 05307476 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 05307476 core:MotorVehicles 2023-09-01 2024-08-31 05307476 countries:EnglandWales 2023-09-01 2024-08-31 05307476 2023-08-31 05307476 core:FurnitureFittingsToolsEquipment 2023-08-31 05307476 core:MotorVehicles 2023-08-31 05307476 2022-09-01 2023-08-31 05307476 2023-08-31 05307476 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05307476 core:AccruedLiabilitiesDeferredTax 2023-08-31 05307476 core:CurrentFinancialInstruments 2023-08-31 05307476 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05307476 core:Non-currentFinancialInstruments 2023-08-31 05307476 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 05307476 core:FurnitureFittingsToolsEquipment 2023-08-31 05307476 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 05307476

Prepared for the registrar

Matthews Independent Funeral Directors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Matthews Independent Funeral Directors Limited

(Registration number: 05307476)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

226,918

226,918

Tangible assets

5

221,566

241,023

 

448,484

467,941

Current assets

 

Debtors

6

67,646

95,637

Cash at bank and in hand

 

4,125

7,119

 

71,771

102,756

Creditors: Amounts falling due within one year

7

(236,582)

(242,391)

Net current liabilities

 

(164,811)

(139,635)

Total assets less current liabilities

 

283,673

328,306

Creditors: Amounts falling due after more than one year

7

(167,901)

(217,388)

Deferred tax liabilities

9

(52,344)

(59,692)

Net assets

 

63,428

51,226

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

1

1

Profit and loss account

63,423

51,221

Shareholders' funds

 

63,428

51,226

For the financial year ending 31 August 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 August 2025 and signed on its behalf by:
 


N P Keen
Director

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 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:
Triangle House
62 Victoria Road
Cirencester
GL7 1ES

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements or key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

10% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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 profit and loss account 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.

Hire purchase

Leases are classified as hire purchase contracts whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

4

Intangible assets

Goodwill
 £

Cost

At 1 September 2023 and at 31 August 2024

226,918

Carrying amount

At 31 August 2023 and at 31 August 2024

226,918

 

5

Tangible assets

Fixtures, fittings & equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

13,069

269,178

282,247

Additions

5,270

-

5,270

At 31 August 2024

18,339

269,178

287,517

Depreciation

At 1 September 2023

11,646

29,578

41,224

Charge for the year

767

23,960

24,727

At 31 August 2024

12,413

53,538

65,951

Carrying amount

At 31 August 2024

5,926

215,640

221,566

At 31 August 2023

1,423

239,600

241,023

 

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

4,481

14,293

Amounts owed by related parties

10

54,724

51,572

Other debtors

 

1,600

1,600

Prepayments

 

2,042

4,060

Accrued income

 

4,799

24,112

 

67,646

95,637

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

60,444

52,760

Trade creditors

 

9,836

22,161

Amounts due to related parties

10

-

4,344

Other creditors

 

9,004

9,298

Accrued expenses

 

25,544

25,929

Corporation tax liability

 

126,500

116,272

Deferred income

 

5,254

11,627

 

236,582

242,391

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

167,901

217,388


 

2024
£

2023
£

After more than five years by instalments

4,162

9,722

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings (secured)

17,151

19,841

Bank overdrafts

10,374

-

Hire purchase liability

32,919

32,919

60,444

52,760

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings (secured)

26,384

42,951

Hire purchase liability

141,517

174,437

167,901

217,388

 

Matthews Independent Funeral Directors Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

55,392

Short term timing differences

3,048

-

3,048

55,392

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

60,256

Short term timing differences

564

-

564

60,256

 

10

Related party transactions

Summary of transactions with other related parties

At 31 August 2024, the company was owed £40,068 (2023 - £51,572) from Cowley & Son Limited in the form of an intercompany loan. The loan is unsecured, interest free and repayable on demand.

At 31 August 2024, the company was owed £14,656 (2023 - owed £4,344) from Churn Properties Limited in the form of an intercompany loan. The loan is unsecured, interest free and repayable on demand.

Churn Properties Limited and Cowley & Son Limited are companies under common control of the directors N P Keen and R L H Orford.