Matrec (Developments) Limited Filleted accounts for Companies House (small and micro)

MATREC (DEVELOPMENTS) LIMITED - Company Information

3 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 578,537 48,967 627,504 627,504 578,537 xbrli:pure xbrli:shares iso4217:GBP 01348749 2021-04-01 2022-03-31 01348749 2022-03-31 01348749 2021-03-31 01348749 2020-04-01 2021-03-31 01348749 2021-03-31 01348749 core:PlantMachinery 2021-04-01 2022-03-31 01348749 core:FurnitureFittings 2021-04-01 2022-03-31 01348749 core:MotorVehicles 2021-04-01 2022-03-31 01348749 bus:Director2 2021-04-01 2022-03-31 01348749 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 01348749 core:PlantMachinery 2021-03-31 01348749 core:FurnitureFittings 2021-03-31 01348749 core:MotorVehicles 2021-03-31 01348749 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 01348749 core:PlantMachinery 2022-03-31 01348749 core:FurnitureFittings 2022-03-31 01348749 core:MotorVehicles 2022-03-31 01348749 core:WithinOneYear 2022-03-31 01348749 core:WithinOneYear 2021-03-31 01348749 core:AfterOneYear 2022-03-31 01348749 core:AfterOneYear 2021-03-31 01348749 core:ShareCapital 2022-03-31 01348749 core:ShareCapital 2021-03-31 01348749 core:CapitalRedemptionReserve 2022-03-31 01348749 core:CapitalRedemptionReserve 2021-03-31 01348749 core:HedgingReserve 2022-03-31 01348749 core:HedgingReserve 2021-03-31 01348749 core:RetainedEarningsAccumulatedLosses 2022-03-31 01348749 core:RetainedEarningsAccumulatedLosses 2021-03-31 01348749 core:CostValuation core:Non-currentFinancialInstruments 2021-03-31 01348749 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2022-03-31 01348749 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 01348749 core:Non-currentFinancialInstruments 2022-03-31 01348749 core:Non-currentFinancialInstruments 2021-03-31 01348749 core:RevaluationInvestmentPropertyDeferredTax 2022-03-31 01348749 core:RevaluationInvestmentPropertyDeferredTax 2021-03-31 01348749 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 01348749 core:PlantMachinery 2021-03-31 01348749 core:FurnitureFittings 2021-03-31 01348749 core:MotorVehicles 2021-03-31 01348749 bus:SmallEntities 2021-04-01 2022-03-31 01348749 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01348749 bus:FullAccounts 2021-04-01 2022-03-31 01348749 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 01348749 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31

COMPANY REGISTRATION NUMBER: 01348749

MATREC (DEVELOPMENTS) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2022

MATREC (DEVELOPMENTS) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	2,504,979	2,509,641
Investments	6	627,504	578,537
		------------	------------
		3,132,483	3,088,178

Current assets

Debtors	7	4,145	183,769
Cash at bank and in hand		608,737	483,834
		---------	---------
		612,882	667,603

Creditors: amounts falling due within one year	8	( 35,748)	( 112,487)
		---------	---------
Net current assets		577,134	555,116
		------------	------------
Total assets less current liabilities		3,709,617	3,643,294

Creditors: amounts falling due after more than one year	9	( 2,719,115)	( 2,720,893)

Provisions	( 18,105)	( 19,751)
	------------	------------
Net assets	972,397	902,650
	------------	------------

Capital and reserves

Called up share capital	52	52
Capital redemption reserve	49	49
Other reserves	64,191	62,545
Profit and loss account	908,105	840,004
	---------	---------
Shareholders funds	972,397	902,650
	---------	---------

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.

For the year ending 31 March 2022 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 .

MATREC (DEVELOPMENTS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 12 December 2022 , and are signed on behalf of the board by:

P L Wright

Director

Company registration number: 01348749

MATREC (DEVELOPMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 101, Highfield House, Cheadle Royal Business Park, Cheadle, SK7 3GY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Despite this being another challenging year due to Covid-19 the company still has the support of the directors. In the directors' opinion the business is not affected and continues to be a going concern.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 are 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Investment property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2021	2,490,000	12,148	4,918	24,726	2,531,792
Additions	–	–	308	–	308
	------------	--------	-------	--------	------------
At 31 March 2022	2,490,000	12,148	5,226	24,726	2,532,100
	------------	--------	-------	--------	------------
Depreciation
At 1 April 2021	–	11,551	4,418	6,182	22,151
Charge for the year	–	123	211	4,636	4,970
	------------	--------	-------	--------	------------
At 31 March 2022	–	11,674	4,629	10,818	27,121
	------------	--------	-------	--------	------------
Carrying amount
At 31 March 2022	2,490,000	474	597	13,908	2,504,979
	------------	--------	-------	--------	------------
At 31 March 2021	2,490,000	597	500	18,544	2,509,641
	------------	--------	-------	--------	------------

The directors review the value of the investment properties annually and are satisfied that they are held at open market value. The historic cost for these properties is £2,522,413.

6. Investments

	Other investments other than loans
	£
Cost or valuation
At 1 April 2021	578,537
Revaluations	48,967
	---------
At 31 March 2022	627,504
	---------
Impairment
At 1 April 2021 and 31 March 2022	–
	---------

Carrying amount
At 31 March 2022	627,504
	---------
At 31 March 2021	578,537
	---------

The historic cost of the fixed asset investments is £550,000 (2021: £550,000).

7. Debtors

	2022	2021
	£	£
Trade debtors	69	176,500
Other debtors	4,076	7,269
	-------	---------
	4,145	183,769
	-------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	1,693	26,162
Corporation tax	17,071	35,902
Social security and other taxes	905	22,788
Other creditors	16,079	27,635
	--------	---------
	35,748	112,487
	--------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	2,719,115	2,720,893
	------------	------------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	18,105	19,751
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Fair value adjustment of investment property	18,105	19,751
	--------	--------

11. Directors' advances, credits and guarantees

At the year end a balance of £2,719,115 (2021: £2,720,893) was owed by the company to the directors. There are no immediate plans to repay the loans as the company has the full support of the directors. The loans are interest free.