Matthew Smart Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10283225 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2020 TO 30 SEPTEMBER 2020

FOR

MATTHEW SMART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M D Smart

REGISTERED OFFICE:

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

REGISTERED NUMBER:

10283225 (England and Wales)

ACCOUNTANTS:

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

FIXED ASSETS

Tangible assets

4

6,042

315

CURRENT ASSETS

Debtors

5

29,019

8,835

Cash at bank

75,359

23,880

104,378

32,715

CREDITORS

Amounts falling due within one year

6

61,002

26,696

NET CURRENT ASSETS

43,376

6,019

TOTAL ASSETS LESS CURRENT LIABILITIES

49,418

6,334

CREDITORS

Amounts falling due after more than one year

7

(46,065

)

-

PROVISIONS FOR LIABILITIES

8

(1,148

)

(60

)

NET ASSETS

2,205

6,274

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,105

6,174

SHAREHOLDERS' FUNDS

2,205

6,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 June 2021 and were signed by:

M D Smart - Director

1.	STATUTORY INFORMATION

Matthew Smart Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

350

-

350

Additions

-

6,092

6,092

At 30 September 2020

350

6,092

6,442

DEPRECIATION

At 1 January 2020

35

-

35

Charge for period

53

312

365

At 30 September 2020

88

312

400

NET BOOK VALUE

At 30 September 2020

262

5,780

6,042

At 31 December 2019

315

-

315

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

16,544

5,989

Other debtors

12,475

2,846

29,019

8,835

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,935

-

Trade creditors

17,882

888

Taxation and social security

32,185

18,952

Other creditors

7,000

6,856

61,002

26,696

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

46,065

-

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

6,156

-

The £50,000 loan is a Bounce Back Loan subject to a 100% government guarantee and consequently benefiting from an interest rate of 2.5%.

The interest for the first twelve months will be paid by the government so is shown, in the profit and loss account, as interest expense and an equal government grant receipt.

The loan is shown based on a six year repayment plan. This can be extended to 10 years or alternatively can be repaid earlier than six years without incurring additional charges.

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

1,148

60

Deferred

tax

£

Balance at 1 January 2020

60

Accelerated capital allowances

1,088

Balance at 30 September 2020

1,148

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

1.00

100

100

10.	RELATED PARTY DISCLOSURES

There are no material related party transactions which were not concluded under normal market conditions.