Samatrix Limited Filleted accounts for Companies House (small and micro)

Samatrix Limited Filleted accounts for Companies House (small and micro)

SAMATRIX LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04147172
Samatrix Limited
Filleted Unaudited Financial Statements
30 November 2020
Samatrix Limited
Statement of Financial Position
30 November 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
5
280,064
299,055
Current assets
Stocks
20,988
23,979
Debtors
6
380,591
357,599
Cash at bank and in hand
177,685
125,242
---------
---------
579,264
506,820
Creditors: amounts falling due within one year
7
224,847
222,192
---------
---------
Net current assets
354,417
284,628
---------
---------
Total assets less current liabilities
634,481
583,683
Creditors: amounts falling due after more than one year
8
131,806
96,948
Provisions
Taxation including deferred tax
17,772
10,643
---------
---------
Net assets
484,903
476,092
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
484,803
475,992
---------
---------
Shareholders funds
484,903
476,092
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 November 2020 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 .
Samatrix Limited
Statement of Financial Position (continued)
30 November 2020
These financial statements were approved by the board of directors and authorised for issue on 26 November 2021 , and are signed on behalf of the board by:
Mr J S Munn
Director
Company registration number: 04147172
Samatrix Limited
Notes to the Financial Statements
Year ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1A Century Park, Swansea Enterprise Zone, Swansea, SA6 8RP.
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.
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.
Taxation
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
1% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Amounts recoverable under contracts
Where the outcome of a contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2019: 21 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2019
187,122
196,036
49,335
155,262
587,755
Additions
–
–
1,717
26,995
28,712
Disposals
–
( 6,500)
–
( 14,551)
( 21,051)
---------
---------
--------
---------
---------
At 30 November 2020
187,122
189,536
51,052
167,706
595,416
---------
---------
--------
---------
---------
Depreciation
At 1 December 2019
17,260
123,599
31,633
116,208
288,700
Charge for the year
2,488
17,595
2,913
14,466
37,462
Disposals
–
( 4,444)
–
( 6,366)
( 10,810)
---------
---------
--------
---------
---------
At 30 November 2020
19,748
136,750
34,546
124,308
315,352
---------
---------
--------
---------
---------
Carrying amount
At 30 November 2020
167,374
52,786
16,506
43,398
280,064
---------
---------
--------
---------
---------
At 30 November 2019
169,862
72,437
17,702
39,054
299,055
---------
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 November 2020
39,072
--------
At 30 November 2019
33,287
--------
6. Debtors
2020
2019
£
£
Trade debtors
370,468
297,452
Other debtors
10,123
60,147
---------
---------
380,591
357,599
---------
---------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
23,129
14,692
Trade creditors
54,564
119,576
Corporation tax
5,518
–
Social security and other taxes
97,426
61,087
Other creditors
44,210
26,837
---------
---------
224,847
222,192
---------
---------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
98,476
73,042
Other creditors
33,330
23,906
---------
--------
131,806
96,948
---------
--------
Included within creditors: amounts falling due after more than one year is an amount of £19,163 (2019: £21,856) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company received a loan of £111,650 in April 2013 that is repayable over 10 years at a fixed amount of £1,137 per month. The interest rate payable on this debt is fixed at 4.8% per annum.
The company received a loan of £50,750 in May 2018 that is repayable over 10 years at £511 per month. The interest rate on this debt is currently fixed at 3.75% per annum.
The company received a bounce back loan in May 2020 that is repayable over 6 years with repayments commencing after 1 year at £833 per month plus interest. Interest is fixed at 2.5% per annum with the first 12 months being paid by the UK Government.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Later than 1 year and not later than 5 years
18,177
34,092
Later than 5 years
19,334
–
--------
--------
37,511
34,092
--------
--------