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Registration number: 04508585

Three Point Design Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Three Point Design Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Three Point Design Ltd

Company Information

Directors

A. Gillott

H. E. Gillott

N. R. Taylor

Registered office

Unit 1 Walker Road
Forest Business Park
Bardon Hill
Coalville
Leicestershire
LE67 1TU

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Three Point Design Ltd

(Registration number: 04508585)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37,460

30,772

Current assets

 

Stocks

5

19,313

12,323

Debtors

6

463,438

360,862

Cash at bank and in hand

 

530,349

473,267

 

1,013,100

846,452

Creditors: Amounts falling due within one year

7

(434,657)

(440,370)

Net current assets

 

578,443

406,082

Total assets less current liabilities

 

615,903

436,854

Creditors: Amounts falling due after more than one year

7

(24,167)

(34,167)

Net assets

 

591,736

402,687

Capital and reserves

 

Called up share capital

8

105

105

Capital redemption reserve

50

50

Retained earnings

591,581

402,532

Shareholders' funds

 

591,736

402,687

 

Three Point Design Ltd

(Registration number: 04508585)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
A. Gillott
Director

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Walker Road
Forest Business Park
Bardon Hill
Coalville
Leicestershire
LE67 1TU

These financial statements were authorised for issue by the Board on 15 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% - 100% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

20% - 100% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stocks and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

55,403

14,950

41,493

111,846

Additions

3,677

4,962

13,188

21,827

Disposals

-

-

(5,500)

(5,500)

At 28 February 2023

59,080

19,912

49,181

128,173

Depreciation

At 1 March 2022

51,592

623

28,859

81,074

Charge for the year

6,081

3,789

3,783

13,653

Eliminated on disposal

-

-

(4,014)

(4,014)

At 28 February 2023

57,673

4,412

28,628

90,713

Carrying amount

At 28 February 2023

1,407

15,500

20,553

37,460

At 28 February 2022

3,811

14,327

12,634

30,772

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Stock and work in progress

19,313

12,323

6

Debtors

Current

2023
£

2022
£

Trade debtors

453,279

351,751

Prepayments

10,159

9,111

 

463,438

360,862

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

260,275

249,598

Taxation and social security

 

69,207

54,019

Accruals and deferred income

 

22,342

12,515

Other creditors

 

72,833

114,238

 

434,657

440,370

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,167

34,167

 

Three Point Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

5

5

5

5

 

105

105

105

105

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,167

34,167

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

10

Related party transactions

Summary of transactions with other related parties

During the year the directors received dividends amounting to £120,000 (2022 - £112,000).