Matrix Credit Limited - Period Ending 2023-03-31

Matrix Credit Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

Matrix Credit Limited

(Registration number: 4100903)
Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Current assets
Cash at bank and in hand		2	2
Creditors: Amounts falling due within one year	6	(27,796)	(27,198)
Net liabilities		(27,794)	(27,196)
Capital and reserves
Called up share capital		100	100
Retained earnings		(27,894)	(27,296)
Shareholders' deficit		(27,794)	(27,196)

For the financial year ending 31 March 2023 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.

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 Income Statement.

Approved and authorised by the Board on 12 December 2023 and signed on its behalf by:
 

......................................... Mr IJ Bullough Director

Matrix Credit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Genesis Centre
Innovation Way
North Staffordshire Business Park
Stoke on Trent
Staffordshire
ST6 4BF
United Kingdom

These financial statements were authorised for issue by the Board on 12 December 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the directors that they will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Matrix Credit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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
Office equipment	25% on cost
Computer equipment	33.3% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software development	50% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

Matrix Credit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2022	6,203	6,203
At 31 March 2023	6,203	6,203
Amortisation
At 1 April 2022	6,203	6,203
At 31 March 2023	6,203	6,203
Carrying amount
At 31 March 2023	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2022	5,083	5,083
At 31 March 2023	5,083	5,083
Depreciation
At 1 April 2022	5,083	5,083
At 31 March 2023	5,083	5,083
Carrying amount
At 31 March 2023	-	-

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		27,796	27,198

Matrix Credit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7	Parent and ultimate parent undertaking

The company's immediate parent is Jigsaw Finance Limited, incorporated in England and Wales.

  These financial statements are available upon request from Genesis Centre, Innovation Way, North Staffordshire Business Park, Stoke On Trent, Staffordshire, ST6 4BF.