Matrix Technology Limited Company Accounts

Matrix Technology Limited Company Accounts

MATRIX TECHNOLOGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04565239
MATRIX TECHNOLOGY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2017
MATRIX TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
7
MATRIX TECHNOLOGY LIMITED
BALANCE SHEET
28 February 2017
2017
2016
Note
£
£
£
FIXED ASSETS
Tangible assets
5
3,363
3,818
CURRENT ASSETS
Debtors
6
15,743
58,123
Cash at bank and in hand
5,825
–
---------
---------
21,568
58,123
CREDITORS: amounts falling due within one year
7
21,443
47,941
---------
---------
NET CURRENT ASSETS
125
10,182
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,488
14,000
--------
---------
NET ASSETS
3,488
14,000
--------
---------
CAPITAL AND RESERVES
Called up share capital
8
1,000
1,000
Profit and loss account
2,488
13,000
--------
---------
SHAREHOLDERS FUNDS
3,488
14,000
--------
---------
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 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 profit and loss account has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MATRIX TECHNOLOGY LIMITED
BALANCE SHEET (continued)
28 February 2017
These financial statements were approved by the board of directors and authorised for issue on 14 November 2017 , and are signed on behalf of the board by:
M O Coombs
Director
Company registration number: 04565239
MATRIX TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Lodge, 4 Upper Halliford Road, Shepperton, Middlesex, TW17 8RY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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
Turnover represents the consideration receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The turnover shown in the profit and loss account represents fees receivable for services provided during the year.
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:
Fixtures & Fittings
-
25% reducing balance
Computer Equipment
-
33% straight line
4. EMPLOYEES
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2016
17,565
–
17,565
Additions
–
749
749
---------
-----
---------
At 28 February 2017
17,565
749
18,314
---------
-----
---------
Depreciation
At 1 March 2016
13,747
–
13,747
Charge for the year
954
250
1,204
---------
-----
---------
At 28 February 2017
14,701
250
14,951
---------
-----
---------
Carrying amount
At 28 February 2017
2,864
499
3,363
---------
-----
---------
At 29 February 2016
3,818
–
3,818
---------
-----
---------
6. DEBTORS
2017
2016
£
£
Trade debtors
15,743
58,123
---------
---------
7. CREDITORS: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
–
2,742
Trade creditors
1,201
( 263)
Accruals and deferred income
1,250
12,949
Social security and other taxes
235
6,787
Director loan accounts
18,757
25,726
---------
---------
21,443
47,941
---------
---------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary (A) shares of £ 1 each
900
900
900
900
Ordinary (B) shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
1,000
1,000
1,000
1,000
--------
--------
--------
--------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
At 28 February 2017 the company owed the director Mr M Coombs £18,757 (2016:the company owed £25,726).
10. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.
MATRIX TECHNOLOGY LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 28 FEBRUARY 2017
The following pages do not form part of the financial statements.
MATRIX TECHNOLOGY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MATRIX TECHNOLOGY LIMITED
YEAR ENDED 28 FEBRUARY 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Matrix Technology Limited for the year ended 28 February 2017, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
GARNERS Chartered Accountants
100a High Street Hampton Middlesex TW12 2ST
14 November 2017