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No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
04325741
2017-01-01
2017-12-31
04325741
2017-12-31
04325741
2016-12-31
04325741
2016-01-01
2016-12-31
04325741
2016-12-31
04325741
core:FurnitureFittings
2017-01-01
2017-12-31
04325741
bus:Director2
2017-01-01
2017-12-31
04325741
core:FurnitureFittings
2016-12-31
04325741
core:MotorVehicles
2016-12-31
04325741
core:FurnitureFittings
2017-12-31
04325741
core:MotorVehicles
2017-12-31
04325741
core:MotorVehicles
2017-01-01
2017-12-31
04325741
core:WithinOneYear
2017-12-31
04325741
core:WithinOneYear
2016-12-31
04325741
core:AfterOneYear
2017-12-31
04325741
core:ShareCapital
2017-12-31
04325741
core:ShareCapital
2016-12-31
04325741
core:RetainedEarningsAccumulatedLosses
2017-12-31
04325741
core:RetainedEarningsAccumulatedLosses
2016-12-31
04325741
core:BetweenOneFiveYears
2017-12-31
04325741
core:FurnitureFittings
2016-12-31
04325741
core:MotorVehicles
2016-12-31
04325741
bus:SmallEntities
2017-01-01
2017-12-31
04325741
bus:AuditExemptWithAccountantsReport
2017-01-01
2017-12-31
04325741
bus:FullAccounts
2017-01-01
2017-12-31
04325741
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
04325741
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
COMPANY REGISTRATION NUMBER:
04325741
MATRIX DIGITAL SYSTEMS LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
MATRIX DIGITAL SYSTEMS LIMITED
|
|
YEAR ENDED 31 DECEMBER 2017
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 6
|
|
|
MATRIX DIGITAL SYSTEMS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2017
Fixed assets
Tangible assets
|
5
|
10,825
|
620
|
|
|
|
|
Current assets
Stocks
|
8,928
|
4,641
|
Debtors
|
6
|
8,869
|
23,726
|
Cash at bank and in hand
|
2,517
|
6,136
|
|
--------
|
--------
|
|
20,314
|
34,503
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
20,825)
|
(
28,899)
|
|
--------
|
--------
|
Net current (liabilities)/assets
|
(
511)
|
5,604
|
|
--------
|
-------
|
Total assets less current liabilities
|
10,314
|
6,224
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
(
70,000)
|
–
|
|
--------
|
-------
|
Net (liabilities)/assets
|
(
59,686)
|
6,224
|
|
--------
|
-------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
(
59,786)
|
6,124
|
|
--------
|
-------
|
Shareholders (deficit)/funds
|
(
59,686)
|
6,224
|
|
--------
|
-------
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 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 year 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
.
MATRIX DIGITAL SYSTEMS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2017
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2018
, and are signed on behalf of the board by:
Company registration number:
04325741
MATRIX DIGITAL SYSTEMS LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 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 Enterprise House, Block F, Trentham Business Quarter, Bellringer Road, Trentham Lakes South, ST4 8GB.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 December 2017 the company had net liabilities of £59,686. However the directors have a loan account with the company in the sum of £75,606 and they have provided the company with written confirmation that they will not call in their loans as shown within long term creditors in the sum of £70,000 within the next 12 months. Accordingly the director considers it appropriate to prepare the financial statements on a going concern basis.
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. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.
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.
Corporation tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 and fittings
|
-
|
20% reducing balance
|
|
Motor vehicle
|
-
|
Reducing balance from date of purchase
|
|
|
|
|
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, debt factoring, bank loans and overdrafts, amounts owed by group and connected companies and directors' loan accounts.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
2
).
5.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 January 2017
|
300
|
400
|
700
|
Additions
|
5,208
|
6,950
|
12,158
|
|
-------
|
-------
|
--------
|
At 31 December 2017
|
5,508
|
7,350
|
12,858
|
|
-------
|
-------
|
--------
|
Depreciation
|
|
|
|
At 1 January 2017
|
60
|
20
|
80
|
Charge for the year
|
487
|
1,466
|
1,953
|
|
-------
|
-------
|
--------
|
At 31 December 2017
|
547
|
1,486
|
2,033
|
|
-------
|
-------
|
--------
|
Carrying amount
|
|
|
|
At 31 December 2017
|
4,961
|
5,864
|
10,825
|
|
-------
|
-------
|
--------
|
At 31 December 2016
|
240
|
380
|
620
|
|
-------
|
-------
|
--------
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
5,787
|
23,424
|
Other debtors
|
3,082
|
302
|
|
-------
|
--------
|
|
8,869
|
23,726
|
|
-------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
5,717
|
8,383
|
Social security and other taxes
|
8,413
|
11,228
|
Other creditors
|
6,695
|
9,288
|
|
--------
|
--------
|
|
20,825
|
28,899
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Other creditors
|
70,000
|
–
|
|
--------
|
----
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
£
|
£
|
Later than 1 year and not later than 5 years
|
10,463
|
–
|
|
--------
|
----
|
|
|
|
10.
Related party transactions
During the year the directors introduced funds totalling £82,820 into the company and the company repaid £10,311 to the directors. At the balance sheet date the company owed the directors the total sum of £75,606 (2017 £3,097). All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.