Year Ended
Registration number:
Matpro Limited
Balance Sheet
31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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( |
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Shareholders' funds/(deficit) |
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( |
Matpro Limited
Balance Sheet
31 March 2022
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.
Revenue recognition
Turnover comprises the fair value of the consideration derived from performances, being ticket sales, refreshments and advertising revenue, in the ordinary course of the company’s activities, and is shown net of value added tax and returns.
The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.
Government grants
Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.
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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation. 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Costumes and office equipment |
15% reducing balance / 20% straight line |
Theatre equipment |
15% reducing balance |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Government grants |
During the year the company received the following grants:
- £39,039 Coronavirus Job Retention Scheme
- £89,862 Coronavirus Support
The amount of grants recognised in the financial statements is £128,901 (2021 - £140,368).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Tangible assets |
Costumes and office equipment |
Theatre equipment |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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- |
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Disposals |
( |
( |
( |
At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Debtors |
Current |
2022 |
2021 |
Other debtors |
- |
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Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
8,506 |
1,946 |
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Social security and other taxes |
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Other creditors |
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- |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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2022 |
2021 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Loans and borrowings |
2022 |
2021 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Matpro Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Included in the loans and borrowings are the following amounts due after more than five years:
Borrowings due after five years
The company's Bounce Back loan is repayable over 10 years commencing December 2021, with interest payable at 2.5%.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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|
1,000 |
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1,000 |