Matsim Properties Limited - Period Ending 2022-09-30

Matsim Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Matsim Properties Limited

Company Information

Directors

Mr M Lambor Mr S Lambor Mr A Lambor

Company secretary

Mrs S Lambor

Registered office

Sussex House Crowhurst Road Hollingbury Brighton BN1 8AF

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton BN1 5NP

Matsim Properties Limited

(Registration number: 03118421)
Balance Sheet as at 30 September 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	72,969	110,235
Investment property	5	22,815,590	22,650,303
Investments	6	30	30
		22,888,589	22,760,568
Current assets
Debtors	7	12,638,858	8,496,244
Cash at bank and in hand		285,994	3,922,123
		12,924,852	12,418,367
Creditors: Amounts falling due within one year	8	(1,190,552)	(830,652)
Net current assets		11,734,300	11,587,715
Total assets less current liabilities		34,622,889	34,348,283
Creditors: Amounts falling due after more than one year	8	(2,904,056)	(3,184,360)
Provisions for liabilities		(1,912,905)	(1,912,905)
Net assets		29,805,928	29,251,018
Capital and reserves
Called up share capital	11	2	2
Other reserves		9,661,432	9,661,432
Retained earnings		20,144,494	19,589,584
Shareholders' funds		29,805,928	29,251,018

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Matsim Properties Limited

(Registration number: 03118421)
Balance Sheet as at 30 September 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2023 and signed on its behalf by:



 

.........................................

Mr S Lambor

Director

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sussex House
Crowhurst Road
Hollingbury
Brighton
BN1 8AF

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rent from investment properties together with sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class	Depreciation method and rate
Fixtures and fittings	15% on cost
Motor vehicles	25% on reducing balance
Plant and machinery	25% on reducing balance

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in associated undertakings are measured at cost less impairment.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2021 - 11).

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2021	763,608	126,506	890,114
Additions	22,656	-	22,656
Disposals	-	(95,803)	(95,803)
At 30 September 2022	786,264	30,703	816,967
Depreciation
At 1 October 2021	708,136	71,743	779,879
Charge for the year	18,122	4,321	22,443
Eliminated on disposal	-	(58,324)	(58,324)
At 30 September 2022	726,258	17,740	743,998
Carrying amount
At 30 September 2022	60,006	12,963	72,969
At 30 September 2021	55,472	54,763	110,235

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings.
 

5	Investment properties

	2022 £
At 1 October	22,650,303
Additions	165,287
At 30 September	22,815,590

6	Investments

	2022 £	2021 £
Investments in associates	30	30

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Associates	£
Cost
At 1 October 2021	30
Provision
Carrying amount
At 30 September 2022	30
At 30 September 2021	30

7

Debtors

Current	Note	2022 £	2021 £
Trade debtors		156,035	277,185
Amounts owed by related parties	10	8,538,575	5,103,776
Prepayments		8,226	13,246
Other debtors		3,936,022	3,102,037
		12,638,858	8,496,244

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

8

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	9	280,304	197,500
Trade creditors		82,629	52,071
Taxation and social security		181,087	15,542
Accruals and deferred income		259,063	251,323
Other creditors		387,469	314,216
		1,190,552	830,652

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	9	1,997,696	2,278,000
Other non-current financial liabilities		906,360	906,360
		2,904,056	3,184,360

9	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	1,997,696	2,278,000

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	280,304	197,500

10	Related party transactions

Summary of transactions with entities with joint control or significant interest

Matsim Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Greenleaf Properties Sussex Limited

A company in which Mr M Lambor and Mr S Lambor are also a directors, At the year end there was a loan due from Greenleaf Properties (Sussex) Limited of £8,538,575 (2021 - £5,103,776).

52-58 Middle Street Brighton Limited

A company is which Mr M Lambor and Mr s Lambor are also directors. At the year end there was a loan due from 52-58 Middle Street Limited of £2,767326.58 (2021- £2,147,326).

Greenleaf Construction Services Limited
A company in which Mr M Lambor and Mr S Lambor are also directors. At the year end there was a loan due from Greenleaf Construction Services Limited of £88,601 (2021- £nil).

 Parkgate (Brighton) Limited

A company in which Mr A Lambor is a director, at the year end there was a loan due from Park Gate (Brighton) Limited amounting to £604,770 ( 2021- £794,770).
 

Summary of transactions with subsidiaries

Greentrees Barn Limited

At the balance sheet date, the above company was owed £11,625 (2021: nil).

 

11	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2