Company registration number 05364257 (England and Wales)
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
COMPANY INFORMATION
Directors
K Platt
M J Crump
M E Coomber FCA CF
R S Nathaniel
Secretary
K Platt
Company number
05364257
Registered office
Solar House
1-9 Romford Road
Stratford
London
E15 4LJ
Accountants
Clarkson Hyde LLP
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 7
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2022.
Principal activities
The principal activity of the company continued to be that of supplying training on security issues.
Results and dividends
Disappointingly, the recovery of the business from the impact of the pandemic was slower than anticipated. However, training is becoming increasingly important for our own group staff as well as the third parties who utilise our services. In addition, at the time of publishing these financial statements, we are negotiating the acquisition of another training company in order to capitalise on a growing and increasingly important market.
The company is fully supported by its parent and the Board remains optimistic for the future,
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K Platt
M J Crump
M E Coomber FCA CF
R S Nathaniel
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M E Coomber FCA CF
Director
6 December 2022
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
2022
2021
£
£
Turnover
47,672
9,973
Cost of sales
(1,444)
Gross profit
47,672
8,529
Administrative expenses
(89,570)
(70,994)
Other operating income
28,125
Operating loss
(41,898)
(34,340)
Interest payable and similar expenses
(100)
Loss before taxation
(41,898)
(34,440)
Tax on loss
Loss for the financial year
(41,898)
(34,440)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
5,896
1,926
Cash at bank and in hand
1,395
3,138
7,291
5,064
Creditors: amounts falling due within one year
5
(83,374)
(39,249)
Net current liabilities
(76,083)
(34,185)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(76,183)
(34,285)
Total equity
(76,083)
(34,185)
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 December 2022 and are signed on its behalf by:
M E Coomber FCA CF
Director
Company Registration No. 05364257
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
1
Accounting policies
Company information
Matrix Security and Training Consultants Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Solar House, 1-9 Romford Road, Stratford, London, E15 4LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 30 September 2022, the company had net liabilities of £76,083 (2021: £34,185). The going concern concept is dependent upon continued financial support from the parent company. The directors' believe that the parent company will continue to support Matrix Security and Training Consultants Ltd and therefore the accounts have been prepared on a going concern basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,926
Other debtors
5,896
5,896
1,926
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
761
Amounts owed to group undertakings
80,159
32,671
Taxation and social security
54
4,178
Other creditors
2,400
2,400
83,374
39,249
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
MATRIX SECURITY AND TRAINING CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
7
Related party transactions
(Continued)
- 7 -
Included in creditors is an amount owed of £80,159 (2021: £32,671) owed to Servoca Secure Solutions Limited, the parent company.
8
Parent company
The parent company is Servoca Secure Solutions Limited, a company registered in England and Wales.
The ultimate controlling party is Attlaw Security and Events Limited, a company registered in England and Wales.