| Matthew Fraser Limited |
| Registered number: |
02120277 |
| Balance Sheet |
| as at 31 May 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
6,553 |
|
|
3,241 |
| Investments |
4 |
|
|
286,141 |
|
|
286,141 |
|
|
|
|
292,694 |
|
|
289,382 |
|
| Current assets |
| Debtors |
5 |
|
43,999 |
|
|
23,100 |
| Cash at bank and in hand |
|
|
2,973 |
|
|
- |
|
|
|
46,972 |
|
|
23,100 |
|
| Creditors: amounts falling due within one year |
6 |
|
(33,573) |
|
|
(75,485) |
|
| Net current assets/(liabilities) |
|
|
|
13,399 |
|
|
(52,385) |
|
| Net assets |
|
|
|
306,093 |
|
|
236,997 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
305,993 |
|
|
236,897 |
|
| Shareholders' funds |
|
|
|
306,093 |
|
|
236,997 |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
| …...................................... |
| D H Lines |
| Director |
| Approved by the board on 25 February 2022 |
|
| Matthew Fraser Limited |
| Notes to the Accounts |
| for the year ended 31 May 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
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 goods and from the rendering of services. 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 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. |
|
|
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, 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: |
|
|
Plant and machinery |
25% reducing basis |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
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. |
|
|
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, 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. |
|
|
Going concern |
|
The company and its subsidiary are dependent on the continued support of the group's bankers and other creditors. The directors have assessed the future trading and cash flows of the group and are satisfied that the adoption of the going concern basis is appropriate. In the event that the bankers and other creditors withdraw support, alternative methods of finance would have to be sought. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 June 2020 |
54,677 |
|
Additions |
5,496 |
|
At 31 May 2021 |
60,173 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2020 |
51,436 |
|
Charge for the year |
2,184 |
|
At 31 May 2021 |
53,620 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
6,553 |
|
At 31 May 2020 |
3,241 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 June 2020 |
286,141 |
|
|
At 31 May 2021 |
286,141 |
|
|
The company holds 20% or more of the share capital of the following property developer UK company : |
|
| Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Lemmerbell Limited |
Ordinary |
79 |
|
2,968,862 |
|
306,114 |
|
|
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade debtors |
42,249 |
|
23,100 |
|
Other debtors |
1,750 |
|
- |
|
|
|
|
|
|
43,999 |
|
23,100 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts (secured) |
- |
|
38,811 |
|
Trade creditors |
9,941 |
|
9,328 |
|
Corporation tax |
|
- |
|
3,980 |
|
Taxation and social security costs |
20,682 |
|
20,616 |
|
Other creditors |
2,950 |
|
2,750 |
|
|
|
|
|
|
33,573 |
|
75,485 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
2021 |
|
2020 |
| £ |
£ |
|
Lemmerbell Ltd |
|
A Subsidiary ( cross guarantee provided to company's bankers) |
|
Management charges |
|
110,000 |
|
110,000 |
|
Funding advances to/ from Subsidiary company waived |
(72,863) |
|
26,962 |
|
|
|
| 8 |
Controlling party |
|
|
The company is under the control of Mr D H Lines & Mrs S Lines, due to their combined majority shareholding. |
|
|
| 9 |
Other information |
|
|
Matthew Fraser Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
St Bartholomew House |
|
92 Fleet Street |
|
London |
|
EC4Y 1DH |
