Matrix Science Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03533898 (England and Wales)

MATRIX SCIENCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

John Stanley Cottrell

David Creasy

Ville Rikhard Koskinen

Patrick Alexander Emery

SECRETARY:

David Creasy

REGISTERED OFFICE:

2nd Floor

201 Haverstock Hill

Belsize Park

London

NW3 4QG

REGISTERED NUMBER:

03533898 (England and Wales)

ACCOUNTANTS:

AEL Markhams Ltd

Chartered Accountants

201 Haverstock Hill

London

NW3 4QG

FIXED ASSETS

Tangible assets

4

27,171

32,320

Investments

5

66,659

66,659

93,830

98,979

CURRENT ASSETS

Debtors

6

492,564

510,746

Cash at bank

341,237

156,427

833,801

667,173

CREDITORS

Amounts falling due within one year

7

259,925

266,786

NET CURRENT ASSETS

573,876

400,387

TOTAL ASSETS LESS CURRENT LIABILITIES

667,706

499,366

CAPITAL AND RESERVES

Called up share capital

8

106

106

Retained earnings

667,600

499,260

SHAREHOLDERS' FUNDS

667,706

499,366

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2020 and were signed on its behalf by:

John Stanley Cottrell - Director

Patrick Alexander Emery - Director

1.	STATUTORY INFORMATION

Matrix Science Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the Company in respect of service supplied during the year, exclusive

of Value Added Tax and trade discounts. Turnover is recognised on a straight line basis over the period the

customer subscribes to the Company services. Any amounts invoiced in advance of the subscription period are

carried forward as deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an 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 the asset, the Company estimates the recoverable amount

of the cash-generating unit to which the asset belongs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Rentals paid under operating leases are charged to income as incurred.

Trade debtors

Trade debtors are recognised and carried at original invoice amount less an allowance for any on-collectable

amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad

debts are written off when identified.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

Employee Ownership Trust

The company operates an employee ownership trust "Matrix Science Employee Ownership Trust". The purpose

of the trust is to hold shares in the company for the benefit of employees of Matrix Science Limited.

As at 31 March 2020, 9,500 £0.01 shares were held by the Trust at a cost of £3,341,710 (2019: £3,031,710).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

153,152

Additions

2,650

Disposals

(12,909

)

At 31 March 2020

142,893

DEPRECIATION

At 1 April 2019

120,832

Charge for year

6,793

Eliminated on disposal

(11,903

)

At 31 March 2020

115,722

NET BOOK VALUE

At 31 March 2020

27,171

At 31 March 2019

32,320

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

66,659

NET BOOK VALUE

At 31 March 2020

66,659

At 31 March 2019

66,659

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

165,747

170,439

Amounts owed by group undertakings

54,515

66,805

Other debtors

55,777

50,463

276,039

287,707

2020

2019

£

£

Amounts falling due after more than one year:

Deferred tax asset

216,525

223,039

Aggregate amounts

492,564

510,746

Deferred tax asset

2020

2019

£

£

Accelerated capital allowances

(4,801

)

(5,700

)

Tax losses carried forward

227,329

228,739

222,528

223,039

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

3,021

-

Other creditors

256,904

266,786

259,925

266,786

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,554

Ordinary

1p

106

106

9.	OTHER FINANCIAL COMMITMENTS

At 31 March 2020, the company had total commitments under non-cancellable operating leases

over the remaining life of those leases of £77,795 (2019 - £155,590).

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party

transactions with wholly owned subsidiaries within the group.

The Company invoiced Matrix Science KK, a subsidiary, for goods and services totalling £159,225 (2019

£175,299) during the year. As at 31 March 2020, Matrix Science KK owed Matrix Science Limited £55,515

(2019 £66,805).

11.	EMPLOYEE OWNERSHIP TRUST

The Matrix Science Employee Ownership Trust was set up in August 2017. The purpose of the trust is to hold

shares in the company for the benefit of employees of Matrix Science Limited.

At 31 March 2020, the trusts holds 9,500 £0.01 shares of Matrix Science Limited and the total financial

commitment to the trust is £2,456,000 (2019: £2,766,000)