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

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COMPANY REGISTRATION NUMBER: 04147172

Samatrix Limited

Filleted Unaudited Financial Statements

31 December 2022

Samatrix Limited

Statement of Financial Position

31 December 2022

	31 Dec 22		30 Nov 21
Note	£	£	£

Fixed assets

Tangible assets	5		220,315	251,053

Current assets

Stocks		11,763	16,273
Debtors	6	272,369	512,388
Cash at bank and in hand		309,250	137,707
		---------	---------
		593,382	666,368

Creditors: amounts falling due within one year	7	156,482		133,582
		---------		---------
Net current assets			436,900	532,786
			---------	---------
Total assets less current liabilities			657,215	783,839

Creditors: amounts falling due after more than one year	8		209,408	309,538

Provisions

Taxation including deferred tax	2,718	11,040
	---------	---------
Net assets	445,089	463,261
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	444,989	463,161
	---------	---------
Shareholders funds	445,089	463,261
	---------	---------

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 period ending 31 December 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 period 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)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 14 September 2023 , 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

Period from 1 December 2021 to 31 December 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 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.

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 period amounted to 13 (2021: 17 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 December 2021	187,122	189,536	51,052	167,706	595,416
Additions	–	3,296	1,467	–	4,763
Disposals	–	–	–	( 51,755)	( 51,755)
	---------	---------	--------	---------	---------
At 31 December 2022	187,122	192,832	52,519	115,951	548,424
	---------	---------	--------	---------	---------
Depreciation
At 1 December 2021	22,237	149,947	37,022	135,157	344,363
Charge for the period	2,489	10,721	2,324	4,194	19,728
Disposals	–	–	–	( 35,982)	( 35,982)
	---------	---------	--------	---------	---------
At 31 December 2022	24,726	160,668	39,346	103,369	328,109
	---------	---------	--------	---------	---------
Carrying amount
At 31 December 2022	162,396	32,164	13,173	12,582	220,315
	---------	---------	--------	---------	---------
At 30 November 2021	164,885	39,589	14,030	32,549	251,053
	---------	---------	--------	---------	---------

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 31 December 2022	–
	----
At 30 November 2021	29,304
	--------

6. Debtors

	31 Dec 22	30 Nov 21
	£	£
Trade debtors	212,568	310,445
Other debtors	59,801	201,943
	---------	---------
	272,369	512,388
	---------	---------

7. Creditors: amounts falling due within one year

	31 Dec 22	30 Nov 21
	£	£
Bank loans and overdrafts	73,156	52,736
Trade creditors	41,083	39,624
Social security and other taxes	25,520	25,041
Other creditors	16,723	16,181
	---------	---------
	156,482	133,582
	---------	---------

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

	31 Dec 22	30 Nov 21
	£	£
Bank loans and overdrafts	203,893	283,519
Other creditors	5,515	26,019
	---------	---------
	209,408	309,538
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £8,490) 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 of £50,000 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.

The company received a Covid Business Interruption Loan of £237,500 in May 2021 that is repayable over 5 years with repayments commencing after 1 year at £6,035 per month. Interest is fixed at 10.1% 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:

	31 Dec 22	30 Nov 21
	£	£
Later than 1 year and not later than 5 years	8,735	12,331
Later than 5 years	12,890	16,112
	--------	--------
	21,625	28,443
	--------	--------