]> Matse Ltd
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Registered number: 7365596
Matse Ltd
Abbreviated accounts
For The Year Ended 30 September 2013
50 Cowick Street
Exeter
Devon
EX4 1AP
Matse Ltd
Company No. 7365596
Abbreviated Balance Sheet 30 September 2013
Abbreviated Balance Sheet
2013 2012
Notes £ £ £ £
FIXED ASSETS
Intangible assets 2 19,565 11,739
Tangible assets 3 821 1,231
20,386 12,970
CURRENT ASSETS
Stocks 1,000 4,970
Debtors 161 201
Cash at bank and in hand 163 -
1,324 5,171
Creditors: Amounts Falling Due Within One Year (54,663) (50,732)
NET CURRENT ASSETS (LIABILITIES) (53,339) (45,561)
TOTAL ASSETS LESS CURRENT LIABILITIES (32,953) (32,591)
NET ASSETS (32,953) (32,591)
CAPITAL AND RESERVES
Called up share capital 4 50 50
Profit and Loss account (33,003) (32,641)
SHAREHOLDERS' FUNDS (32,953) (32,591)
Page 1
Matse Ltd
Company No. 7365596
Abbreviated Balance Sheet (continued) 30 September 2013
For the year ending 30 September 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
On behalf of the board
Mr D J Watson
18/06/2014
Page 2
Matse Ltd
Notes to the Abbreviated Accounts
For The Year Ended 30 September 2013
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
 
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
 
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and Development
 
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by FRS102 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and will be amortised over its estimated economic life of five Years so as to match the expenditure with future sales from the related project.
Tangible Fixed Assets and Depreciation
 
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
 
Plant & Machinery 20% srtaight line
Fixtures & Fittings 20% srtaight line
Computer Equipment 20% srtaight line
Stocks and Work in Progress
 
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Exceptional items
 
This year a change in accounting policy has been made so that total expenditure on research and development has been deferred and recognised as intangible assets. Previously this was recognised as plant and machinery and depreciated on a straight-line basis over five years. The "Exceptional items" appearing in the Profit and Loss Account is the reversal of the depreciation charges made in prior years. Had the old accounting policy been adopted this year the Operating Loss this year of £6,285 would have been increased by £3,913 to £10,198. The results for the previous year have been reported under the old accounting policy. Had the new accounting policy been adopted last year, the Operating Loss for the year of £7,944 would have been reduced by £3,913 to £4,031.
Page 3
Matse Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 30 September 2013
Intangible Assets
Total
Cost £
As at 1 October 2012 19,565
As at 30 September 2013 19,565
Amortisation
As at 1 October 2012 7,826
Reversal of past impairments (7,826)
As at 30 September 2013 -
Net Book Value
As at 30 September 2013 19,565
As at 1 October 2012 11,739
Tangible Assets
Total
Cost £
As at 1 October 2012 2,051
As at 30 September 2013 2,051
Depreciation
As at 1 October 2012 820
Provided during the period 410
As at 30 September 2013 1,230
Net Book Value
As at 30 September 2013 821
As at 1 October 2012 1,231
Page 4
Matse Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 30 September 2013
Share Capital
 
Value Number 2013 2012
Allotted, called up and fully paid: £ £ £
Ordinary A shares 1.000 20 20 20
Ordinary B shares 1.000 20 20 20
Ordinary C shares 1.000 5 5 5
Ordinary D shares 1.000 5 5 5
 
 
50 50 50
Transactions With and Loans to Directors
Included within Creditors is the following loan to the company by Mr D J Watson:
As at 1 October 2012 Amounts advanced Amounts repaid As at 30 September 2013
£ £ £ £
Mr D J Watson 18,278 - 27,540 45,818
The above loan is unsecured, interest free and repayable on demand.
Page 5