Company No:
Contents
Note | 31.03.2023 | 31.05.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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161,407 | 90,216 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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53,630 | 5,590 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 48,130 | 2,090 | ||
Total assets less current liabilities | 209,537 | 92,306 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of 3R Solutions (Holdings) Limited (registered number:
Mr D Ireland
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
3R Solutions (Holdings) Limited (the Company) is a private company, limited by shares incorporated in Scotland. The address of the Company's registered office is C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE, United Kingdom.
The 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 presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
In the year 3R Solutions (Holdings) Limited shortened its period end to 31 March 2023 from 31 May 2023. The decision was made to align the year end with it's related parties. As such the accounts cover a shortened 10 month period.
Plant and machinery etc. |
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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.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 01.06.2022 to 31.03.2023 |
Year ended 31.05.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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Transfers |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 June 2022 |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 May 2022 |
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31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Investments in subsidiaries
31.03.2023 | |
£ | |
Cost | |
At 01 June 2022 |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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Carrying value at 31 May 2022 |
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31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Other debtors |
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31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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The bank has a floating charge over the company’s assets to secure any bank overdraft.
31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Amounts owed to own subsidiaries |
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Accruals |
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31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Amounts owed to related parties |
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31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other related party transactions
31.03.2023 | 31.05.2022 | ||
£ | £ | ||
Amounts owed to 3R Solutions Limited | (204,662) | (91,539) |
Transfer of assets to the fixed asset register were assets transferred at net book value from subsidiary company.