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10 March 2023
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2021-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00492484
2021-07-01
2022-06-30
00492484
2022-06-30
00492484
2021-06-30
00492484
2020-07-01
2021-06-30
00492484
2021-06-30
00492484
core:PlantMachinery
2021-07-01
2022-06-30
00492484
core:FurnitureFittings
2021-07-01
2022-06-30
00492484
core:MotorVehicles
2021-07-01
2022-06-30
00492484
bus:Director4
2021-07-01
2022-06-30
00492484
core:WithinOneYear
2022-06-30
00492484
core:WithinOneYear
2021-06-30
00492484
core:ShareCapital
2022-06-30
00492484
core:ShareCapital
2021-06-30
00492484
core:RetainedEarningsAccumulatedLosses
2022-06-30
00492484
core:RetainedEarningsAccumulatedLosses
2021-06-30
00492484
core:CostValuation
core:Non-currentFinancialInstruments
2022-06-30
00492484
core:Non-currentFinancialInstruments
2022-06-30
00492484
core:Non-currentFinancialInstruments
2021-06-30
00492484
bus:SmallEntities
2021-07-01
2022-06-30
00492484
bus:Audited
2021-07-01
2022-06-30
00492484
bus:AbridgedAccounts
2021-07-01
2022-06-30
00492484
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
00492484
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
|
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Frank P. Matthews Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
00492484
|
FRANK P. MATTHEWS LIMITED |
|
|
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
|
FRANK P. MATTHEWS LIMITED |
|
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 30 JUNE 2022
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
FRANK P. MATTHEWS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
30 June 2022
Fixed assets
|
Tangible assets |
5 |
|
1,431,978 |
|
1,163,350 |
|
Investments |
6 |
|
10,001 |
|
10,001 |
|
|
-------------- |
|
-------------- |
|
|
1,441,979 |
|
1,173,351 |
|
|
|
|
|
|
Current assets
|
Stocks |
765,559 |
|
653,106 |
|
|
Debtors |
1,148,594 |
|
881,268 |
|
|
Cash at bank and in hand |
907,103 |
|
1,349,819 |
|
|
-------------- |
|
-------------- |
|
|
2,821,256 |
|
2,884,193 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
659,121 |
|
539,467 |
|
|
-------------- |
|
-------------- |
|
|
Net current assets |
|
2,162,135 |
|
2,344,726 |
|
|
-------------- |
|
-------------- |
|
Total assets less current liabilities |
|
3,604,114 |
|
3,518,077 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
267,018 |
|
165,303 |
|
|
-------------- |
|
-------------- |
|
Net assets |
|
3,337,096 |
|
3,352,774 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
25,000 |
|
25,000 |
|
Profit and loss account |
|
3,312,096 |
|
3,327,774 |
|
|
-------------- |
|
-------------- |
|
Shareholder funds |
|
3,337,096 |
|
3,352,774 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
These abridged 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 abridged statement of comprehensive income has not been delivered.
|
FRANK P. MATTHEWS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
30 June 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 March 2023
, and are signed on behalf of the board by:
Company registration number:
00492484
|
FRANK P. MATTHEWS LIMITED |
|
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 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 Berrington Court, Tenbury Wells, Worcestershire, WR15 8TH.
2.
Statement of Compliance
These abridged 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight line method. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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:
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
20% straight line |
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
Investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss for the period.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.
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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 (see hedge accounting policy). 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
86
(2021:
75
).
5.
Tangible Assets
|
£ |
|
Cost |
|
|
At 1 July 2021 |
3,004,684 |
|
Additions |
542,345 |
|
Disposals |
(
84,144) |
|
-------------- |
|
At 30 June 2022 |
3,462,885 |
|
-------------- |
|
Depreciation |
|
|
At 1 July 2021 |
1,841,334 |
|
Charge for the year |
269,959 |
|
Disposals |
(
80,386) |
|
-------------- |
|
At 30 June 2022 |
2,030,907 |
|
-------------- |
|
Carrying amount |
|
|
At 30 June 2022 |
1,431,978 |
|
-------------- |
|
At 30 June 2021 |
1,163,350 |
|
-------------- |
|
|
Capital commitments
|
2022 |
2021 |
|
£ |
£ |
|
Contracted for but not provided for in the abridged financial statements |
28,750 |
– |
|
------------ |
------------ |
|
|
|
6.
Investments
|
£ |
|
Cost |
|
|
At 1 July 2021 and 30 June 2022 |
10,001 |
|
------------ |
|
Impairment |
|
|
At 1 July 2021 and 30 June 2022 |
– |
|
------------ |
|
Carrying amount |
|
|
At 30 June 2022 |
10,001 |
|
------------ |
|
At 30 June 2021 |
10,001 |
|
------------ |
|
|
7.
Financial Instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
|
Financial assets measured at fair value through profit or loss |
917,104 |
1,359,820 |
|
------------ |
-------------- |
|
|
|
Financial assets that are debt instruments measured at amortised cost
|
Financial assets that are debt instruments measured at amortised cost |
1,077,983 |
832,540 |
|
-------------- |
------------ |
|
|
|
Financial liabilities measured at amortised cost
|
Financial liabilities measured at amortised cost |
476,256 |
359,554 |
|
------------ |
------------ |
|
|
|
Financial assets measured at fair value through profit and loss comprise of bank and cash balances and unlisted investments. Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and amounts owed by group companies. Financial liabilities measured at amortised cost comprise of trade creditors and accruals.
8.
Contingencies
Amounts due to HSBC are secured by a fixed and floating debenture over all of the company's assets dated 20 June 2013.
9.
Summary Audit Opinion
The auditor's report for the year dated
10 March 2023
was
unqualified
.
The senior statutory auditor was
R D Coton
, for and on behalf of
Langard Lifford Hall Limited
.
10.
Directors' Advances, Credits and Guarantees
Amounts owed to the director, N D Dunn at the balance sheet date are included in creditors and totalled £858 (2021: £858).
11.
Related Party Transactions
The director, N D Dunn is a trustee of Marcher Apple Network, Batsford Arboretum and the Royal Horticultural Society. The company sold goods to Marcher Apple Network of £175 (2021: £-), Batsford Arboretum of £13,485 (2021: £13,643) and the Royal Horticultural Society of £35,844 (2021: £35,076) during the year. During the year a donation of £25,000 (2021: £25,000) was paid to the Royal Horticultural Society as a contribution to research and development. Included within creditors are amounts owed to the Royal Horticultural Society of £490 (2021: (£365)). EMLA Limited is the ultimate parent company, included within debtors are amounts owed by EMLA limited of £- (2021: £2,400). The company owns 50% of the issued share capital of Scion Fruits Limited, included within debtors are amounts owed by Scion Fruits Limited of £42,402 (2021: £42,402). The company has taken advantage of the exemption in FRS 102 s33.1A from disclosing transactions with related parties that are part of the group, as it is a wholly owned subsidiary and consolidated accounts in which the company is included, are publicly available.
12.
Controlling Party
The intermediate parent company was
Frank P. Matthews (Holdings) Limited
and the ultimate parent company was EMLA Limited, both companies are registered in England. The financial statements of EMLA Limited can be obtained from Companies House.
