Matthew Stephenson Limited - Filleted accounts

Registered number

10301505

Matthew Stephenson Limited

Filleted Accounts

31 March 2025

Matthew Stephenson Limited
Registered number:		10301505
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		4,556			7,280

Current assets
Stocks		86,335			87,752
Debtors	4	69,324			101,323
Cash at bank and in hand		1,940,233			26,639
		2,095,892			215,714

Creditors: amounts falling due within one year	5	(622,880)			(162,276)

Net current assets			1,473,012			53,438

Total assets less current liabilities			1,477,568			60,718

Creditors: amounts falling due after more than one year	6		-			(55,703)

Provisions for liabilities			(1,139)			(1,820)


Net assets			1,476,429			3,195

Capital and reserves
Called up share capital	8		1,000			1,000
Profit and loss account			1,475,429			2,195

Shareholders' funds			1,476,429			3,195

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




M O Stephenson
Director
Approved by the board on 23 December 2025

Matthew Stephenson Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime). The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

	Group accounts exemption
	The company and its parent comprise a small group. The parent company has taken advantage of exemption provided by s399 (2A) Companies Act 2006 not to prepare group accounts.

	Turnover
	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 artistic works and from commission charged in respect of brokering artistic works. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from commission is recognised when the significant risks and rewards of ownership of brokered works have transferred to the buyer.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold improvements			over the lease term
	Office equipment			3 years straight line basis

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

	Creditors
	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	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.

	Leased assets
	Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					2		2


3	Tangible fixed assets
				Land and buildings		Plant and machinery		Total
£					£		£
	Cost
	At 1 April 2024			47,374		50,184		97,558
	Additions			-		1,449		1,449
	Disposals			-		(774)		(774)
	At 31 March 2025			47,374		50,859		98,233

	Depreciation
	At 1 April 2024			47,374		42,904		90,278
	Charge for the year			-		4,174		4,174
	On disposals			-		(775)		(775)
	At 31 March 2025			47,374		46,303		93,677

	Net book value
	At 31 March 2025			-		4,556		4,556
	At 31 March 2024			-		7,280		7,280


4	Debtors					2025		2024
£							£

	Other debtors					69,324		101,323


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					-		25,727
	Trade creditors					37,965		13,454
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					26,404		70,947
	Taxation and social security costs					544,353		43,208
	Other creditors					14,158		8,940
						622,880		162,276


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					-		55,703


7	Loans					2025		2024
£							£
	Creditors include:

	Secured bank loans					-		81,412

	The loan is secured via a debenture comprising a fixed and floating charge over the assets and undertakings of the company including, all present and future freehold and leasehold property, trade and other debtors, chattels and goodwill in favour of the lender.


8	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	A Ordinary shares	£1 each		800		800		800
	B Ordinary shares	£1 each		200		200		200
						1,000		1,000


9	Other financial commitments					2025		2024
£							£

	Total future minimum payments under non-cancellable operating leases					80,453		108,946


10	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	M O Stephenson
	Loan to director. Interest at 2.25% and repayable on demand.	9,519		10,475		(11,500)		8,494

	R I Aristarkhov
	Loan to director. Interest at 2.25 % and repayable on demand.	9,500		75		(9,500)		75

		19,019		10,550		(21,000)		8,569


11	Related party transactions

	Management charges of £5,000 (2024 - £20,000) have been charged to Matthew Stephenson Arts Limited, a fellow subsidiary company. During the year various amounts were loaned to the company by its fellow subsidiary, Matthew Stephenson Arts Limited. The balance at the year end included in creditors is £26,404 (2024 - £70,947).


12	Controlling party

	The company is a subsidiary of Maidwell Projects Limited, a company registered in England. The parent company registered office is The History Room at Farnham Pottery Pottery Lane Wrecclesham, Farnham Surrey GU10 4QJ The ultimate controlling party is M O Stephenson.


13	Other information

	Matthew Stephenson Limited is a private company limited by shares and incorporated in England. Its registered office is:
	The History Room at Farnham Pottery
	Pottery Lane
	Wrecclesham, Farnham
	Surrey
	GU10 4QJ