C & T Matrix Limited
Annual Report and Financial Statements
For the year ended 31 March 2022
Company Registration No. 02981704 (England and Wales)
C & T Matrix Limited
Company Information
Directors
S M Shenton
J Wilkinson
(Appointed 20 December 2021)
G S Clark
(Appointed 9 March 2022)
Company number
02981704
Registered office
C/O BNL (UK) Limited
Manse Lane
Knaresborough
North Yorkshire
HG5 8LF
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
C & T Matrix Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 23
C & T Matrix Limited
Directors' Report
For the year ended 31 March 2022
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of producing and distributing products for the printing and packaging industries.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N M Ball
(Resigned 20 December 2021)
F J Rahmatallah
(Resigned 20 December 2021)
S M Shenton
J Wilkinson
(Appointed 20 December 2021)
G S Clark
(Appointed 9 March 2022)
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
G S Clark
Director
3 March 2023
C & T Matrix Limited
Directors' Responsibilities Statement
For the year ended 31 March 2022
Page 2
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
C & T Matrix Limited
Independent Auditor's Report
To the Members of C & T Matrix Limited
Page 3
Opinion
We have audited the financial statements of C & T Matrix Limited
(the 'company')
for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors'
use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the
directors
with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
C & T Matrix Limited
Independent Auditor's Report (Continued)
To the Members of C & T Matrix Limited
Page 4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Directors'
R
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the
Directors'
R
eport
has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Directors'
R
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
C & T Matrix Limited
Independent Auditor's Report (Continued)
To the Members of C & T Matrix Limited
Page 5
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
C & T Matrix Limited
Independent Auditor's Report (Continued)
To the Members of C & T Matrix Limited
Page 6
Our approach was as follows:
-
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
-
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Jeremy Read (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
6 March 2023
Chartered Accountants
Statutory Auditor
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
C & T Matrix Limited
Statement of Comprehensive Income
For the year ended 31 March 2022
Page 7
2022
2021
Notes
£
£
Turnover
3
6,564,318
5,363,602
Cost of sales
(4,311,223)
(3,609,969)
Gross profit
2,253,095
1,753,633
Distribution costs
(152,950)
(130,353)
Administrative expenses
(1,494,028)
(2,933,428)
Other operating income
3
48,214
Operating profit/(loss)
4
606,117
(1,261,934)
Interest payable and similar expenses
7
(93,328)
(106,868)
Profit/(loss) before taxation
512,789
(1,368,802)
Taxation
8
(99,273)
138,664
Profit/(loss) for the financial year
413,516
(1,230,138)
The above results relate to continuing operations.
C & T Matrix Limited
Balance Sheet
As at 31 March 2022
Page 8
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
9
274,868
Tangible assets
10
759,935
791,774
1,034,803
791,774
Current assets
Stock
11
884,910
857,261
Debtors
12
1,958,267
2,326,922
Cash at bank and in hand
779,190
580,995
3,622,367
3,765,178
Creditors: amounts falling due within one year
13
(4,252,882)
(4,658,494)
Net current liabilities
(630,515)
(893,316)
Total assets less current liabilities
404,288
(101,542)
Deferred tax liability
14
(92,314)
Net assets/(liabilities)
311,974
(101,542)
Capital and reserves
Called up share capital
16
193,421
193,421
Share premium account
762,500
762,500
Capital redemption reserve
569,079
569,079
Profit and loss reserves
(1,213,026)
(1,626,542)
Total equity
311,974
(101,542)
The financial statements were approved by the board of directors and authorised for issue on 3 March 2023 and are signed on its behalf by:
G S Clark
Director
Company Registration No. 02981704
C & T Matrix Limited
Statement of Changes in Equity
For the year ended 31 March 2022
Page 9
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2020
193,421
762,500
569,079
(396,404)
1,128,596
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
-
(1,230,138)
(1,230,138)
Balance at 31 March 2021
193,421
762,500
569,079
(1,626,542)
(101,542)
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
413,516
413,516
Balance at 31 March 2022
193,421
762,500
569,079
(1,213,026)
311,974
C & T Matrix Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 10
1
Accounting policies
Company information
C & T Matrix Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/O BNL (UK) Limited, Manse Lane, Knaresborough, North Yorkshire, England, HG5 8LF.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Synnovia Limited
. These consolidated financial statements are available from its registered office, C/O BNL (Uk) Limited, Manse Lane, Knaresborough, North Yorkshire, England, HG5 8LF.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 11
1.2
Going concern
The company made a
true
profit
for the year of £413,516 (2020: £
1,230,138 loss
) and as at the balance sheet date
had
net assets
of £311,974 (2020:
net liabilities of
£
101,542
).
The company is an obligor to
a
group bank facility agreement and is ultimately financed by the group's
facility
as part of Synnovia Limited group of companies
. The group meets its funding requirements through a group wide term loan, overdraft facility,
asset based finance facility, export finance facility and invoice discounting facility.
The company has traded positively since the year-end at an EBITDA level and has access to sufficient cash reserves.
The directors have produced forecasts
for the group as a whole (this includes the ultimate parent undertaking BPF1 Limited and the Synnovia Limited group of companies including C&T Matrix Limited)
and as
a result, they have a reasonable expectation that the
group and hence the
company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% per annum
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 12
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% per annum
Fixtures and fittings
10% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and
those overheads that have been incurred in bringing the stocks to their present location and condition.
Cost is calculated using the weighted average method. Net realisable value represents the estimated
selling price less all estimated costs of completion and costs to be incurred in marketing, selling and
distribution.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 13
1.10
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 14
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 15
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the
year
.
1.16
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received
.
Government grants are recognised as income over the periods when the related costs are incurred.
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 16
1.18
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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Stock provision
The company designs, manufactures and sells creasing matrix and suppliers of die-making products and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Provision against intercompany receivables
The company has various receivables from fellow group undertakings. The directors consider indicators of potential non recoverability where the counterparty is making losses and/ or has a deficit on net assets, and where there is uncertainty with recoverability of these balances the directors will provide for these balances.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sale of goods
6,564,318
5,363,602
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
3
Turnover and other revenue
(Continued)
Page 17
2022
2021
£
£
Turnover analysed by geographical market
UK
1,734,342
1,076,373
Overseas
4,829,976
4,287,229
6,564,318
5,363,602
2022
2021
£
£
Other significant revenue
Grants received
48,214
4
Operating profit/(loss)
2022
2021
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(57,588)
32,119
Research and development costs
1,500
Government grants
(48,214)
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
17,000
Depreciation of owned tangible fixed assets
163,385
199,638
Cost of stock recognised as an expense
2,829,597
2,200,498
Share-based payments
54,837
Operating lease charges
160,000
160,058
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
17,000
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 18
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Managerial & administration
8
8
Sales and design
5
5
Production staff
41
39
Total
54
52
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,734,326
1,432,143
Social security costs
151,991
134,686
Pension costs
69,343
64,168
1,955,660
1,630,997
7
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
50
Interest payable to group undertakings
93,278
106,868
93,328
106,868
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
10,310
(142,032)
Adjustments in respect of prior periods
(10,869)
Total current tax
(559)
(142,032)
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
8
Taxation
2022
2021
£
£
(Continued)
Page 19
Deferred tax
Origination and reversal of timing differences
99,832
3,368
Total tax charge/(credit)
99,273
(138,664)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit/(loss) before taxation
512,789
(1,368,802)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
97,430
(260,072)
Tax effect of expenses that are not deductible in determining taxable profit
(16,436)
116,992
Adjustments in respect of prior years
(10,869)
2,440
Research and development tax credit
865
1,976
Deferred tax adjustments in respect of prior years
6,128
Remeasurement of deferred tax for changes in tax rates
22,155
Taxation charge/(credit) for the year
99,273
(138,664)
9
Intangible fixed assets
Software
£
Cost
At 1 April 2021
Additions
274,868
At 31 March 2022
274,868
Amortisation and impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022
274,868
At 31 March 2021
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
9
Intangible fixed assets
(Continued)
Page 20
The company capitalised costs associated with the development and implementation of a new IT system during the financial year. The system did not go live by year end and therefore no amortisation of the asset has been recognised.
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2021
2,570,003
512,031
3,082,034
Additions
77,461
54,085
131,546
Disposals
(3,348)
(3,348)
At 31 March 2022
2,644,116
566,116
3,210,232
Depreciation and impairment
At 1 April 2021
1,890,304
399,956
2,290,260
Depreciation charged in the year
113,588
49,797
163,385
Eliminated in respect of disposals
(3,348)
(3,348)
At 31 March 2022
2,000,544
449,753
2,450,297
Carrying amount
At 31 March 2022
643,572
116,363
759,935
At 31 March 2021
679,699
112,075
791,774
11
Stock
2022
2021
£
£
Raw materials and consumables
320,728
355,129
Work in progress
54,753
62,613
Finished goods and goods for resale
509,429
439,519
884,910
857,261
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 21
12
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,022,445
1,106,124
Corporation tax recoverable
142,591
267,497
Amounts owed by group undertakings
693,564
834,477
Other debtors
36,540
48,863
Prepayments and accrued income
63,127
62,443
1,958,267
2,319,404
Deferred tax asset (note 14)
7,518
1,958,267
2,326,922
13
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
861,011
688,533
Amounts owed to group undertakings
2,664,893
3,710,649
Taxation and social security
48,137
92,910
Liability for share based payments
42,572
Other creditors
447,516
16,022
Accruals and deferred income
188,753
150,380
4,252,882
4,658,494
14
Deferred taxation
The following are the major deferred tax liabilities and (assets) recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Accelerated capital allowances
115,108
-
-
(13,223)
Short term temporary differences
(22,794)
-
-
20,741
92,314
-
-
7,518
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
14
Deferred taxation
(Continued)
Page 22
2022
Movements in the year:
£
(Asset) at 1 April 2021
(7,518)
Charge to profit or loss
99,832
Liability at 31 March 2022
92,314
15
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
69,343
64,168
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
At the year end the outstanding liability was £
nil
(20
2
1: £
nil
).
16
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
294,000
294,000
147,000
147,000
Preferred shares of 50p each
92,842
92,842
46,421
46,421
386,842
386,842
193,421
193,421
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
68,639
161,972
Between two and five years
2,958
71,597
71,597
233,569
C & T Matrix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 23
18
Related party transactions
Transactions with Group Companies
The company has taken advantage of the exemption available under FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.
19
Ultimate controlling party
The
Company's immediate parent company
is Plastics Capital Trading Limited, a company
registered in England and Wales
and controlled by Synnovia Limited
. The ultimate parent company of the group is
BPF1
Limited, a company incorporated in England and Wales.
T
he group
s
in which the results of the Company are consolidated
are those
headed by Synnovia Limited
and BPF1 Limited
. The consolidated
financial statements
of
these companies
are available from Crown Way, Cardiff CR14 3UZ
.
20
Contingent liability
The parent company Synnovia plc has given a charge over its assets in favour of Barclays Bank. The amount of loans outstanding at the year end was £
5,484,000
(2021: £7,891,245).
2022-03-31
2021-04-01
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