| Matiere UK Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Statutory information |
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Matiere UK Ltd is a private company limited by shares and incorporated in England and Wales. The company's registered number and registered office address are as follows: |
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Registered number : |
13235315 |
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Registered office : |
25 Station Road |
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Kings Heath |
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Birmingham |
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B14 7SR |
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| 2 |
Accounting policies |
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Basis of preparation |
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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) and the companies Act 2006. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Going concern |
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The company’s turnover for the year decreased significantly, reflecting the temporary suspension of activity on its principal project. The company also reduced its operating cost base substantially, including premises and other overhead costs. |
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The company remains actively involved in the DANDE MAYO project in Senegal through its participation in a consortium arrangement with its affiliated entity, Matiere SN. The project forms part of Senegal’s Special Program for Opening Up (Programme Spécial de Désenclavement), a major national infrastructure initiative aimed at improving access to remote regions through the construction of roads and bridges. |
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Progress on the project has been temporarily suspended pending the conclusion of an agreement between the Government of Senegal and the International Monetary Fund (IMF). As a consequence, disbursements under the related financing arrangements, including those supported by UK Export Finance (UKEF), have been paused. No contractual notice of suspension or force majeure has been issued to the consortium, and the directors consider that the contractual rights of the company and the wider Matiere group remain fully preserved. The sovereign guarantee provided by the State of Senegal continues to remain in place. |
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At 31 December 2025, the company has significant balances relating to this project, including accrued income recognised in prior periods, amounts due from group undertakings, and advance payments received in connection with the project. The directors remain confident that, once the IMF agreement is finalised, the project will resume, outstanding receivables will be recovered, and contractual obligations will continue in the normal course of business. |
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Accordingly, after reviewing the company’s forecasts, available financial resources and the status of the project, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of the financial statements. For this reason, the financial statements have been prepared on the going concern basis. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. |
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Turnover 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
33% on cost |
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Plant and machinery |
20% on cost |
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Motor vehicles |
20% on cost |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Financial instruments |
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Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference share and non-puttable ordinary shares, which are measured at fair value, with changes recognised in profit and loss. |
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Financial instruments are recognised when the company becomes a party to the contract. They are only offset when there is a legally enforceable right to do so. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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Taxation |
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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. |
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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. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and in hand, short term deposits with financial institutions. Cash equivalents are defined as short term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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Provisions |
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Provisions (i.e. 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. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 3 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Indra Raj Giri ACA, FCCA |
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Firm: |
Makesworth Audit Services Ltd |
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Date of audit report: |
28 May 2026 |
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| 4 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company (including director) |
1 |
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1 |
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| 5 |
Tangible fixed assets |
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Office equipment |
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Plant and machinery |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 January 2025 |
44,173 |
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31,422 |
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111,146 |
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186,741 |
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Disposals |
- |
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- |
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(111,146) |
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(111,146) |
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At 31 December 2025 |
44,173 |
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31,422 |
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- |
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75,595 |
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Depreciation |
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At 1 January 2025 |
14,723 |
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26,068 |
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76,518 |
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117,309 |
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Charge for the year |
14,723 |
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5,354 |
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- |
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20,077 |
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On disposals |
- |
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- |
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(76,518) |
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(76,518) |
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At 31 December 2025 |
29,446 |
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31,422 |
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- |
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60,868 |
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Net book value |
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At 31 December 2025 |
14,727 |
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- |
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- |
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14,727 |
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At 31 December 2024 |
29,450 |
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5,354 |
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34,628 |
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69,432 |
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| 6 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
1,797,404 |
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1,797,404 |
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Amounts owed by group undertakings |
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90,750 |
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2,532,059 |
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Prepayments and accrued income |
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2,486,834 |
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2,488,088 |
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Other debtors |
14,066 |
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34,609 |
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4,389,054 |
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6,852,160 |
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| 7 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
31,169 |
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140,674 |
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Amounts owed to group undertakings |
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135,680 |
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2,429,540 |
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Other creditors |
3,928,285 |
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3,928,285 |
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4,095,134 |
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6,498,499 |
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| 8 |
Related party transactions |
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Included within debtors is an amount of £78,100 (2024: £1,557,658) due from Matiere SAS, the company's parent company and £12,650 (2024: £974,401) from Matiere Senegal, a company controlled by the director.
Included within creditors is an amount of £135,680 (2024: £2,429,540) due to the parent company. |
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| 9 |
Controlling party |
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The immediate parent undertaking of this company is Matiere SAS, a company incorporated in France.
The ultimate controlling party is Phillippe Matiere by virtue of shares held in the parent entity. |