Company registration number 04065486 (England and Wales)
3GRCOMM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
3GRCOMM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
3GRCOMM LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,183,192
2,259,343
Current assets
Debtors
6
267,870
143,151
Cash at bank and in hand
9,155
52,583
277,025
195,734
Creditors: amounts falling due within one year
7
(274,096)
(242,581)
Net current assets/(liabilities)
2,929
(46,847)
Total assets less current liabilities
2,186,121
2,212,496
Creditors: amounts falling due after more than one year
8
(322,565)
(383,603)
Provisions for liabilities
10
(244,672)
(249,379)
Net assets
1,618,884
1,579,514
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss reserves
1,608,884
1,569,514
Total equity
1,618,884
1,579,514

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

3GRCOMM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr G Rogers
Director
Company Registration No. 04065486
3GRCOMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

3GRComm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kalamu House, 11 Coldbath Square, London, EC1R 5LH.

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 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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.

1.3
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.

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:

Land and buildings Leasehold
Over lease period (75 years)
Plant and machinery
5% on reducing balance
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
20% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

3GRCOMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

3GRCOMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
6
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
64,505
45,954
Deferred tax
Origination and reversal of timing differences
(4,708)
(3,310)
Total tax charge
59,797
42,644
5
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
781,885
2,113,243
57,905
88,523
195,526
3,237,082
Additions
-
0
3,565
-
0
742
34,495
38,802
At 28 February 2023
781,885
2,116,808
57,905
89,265
230,021
3,275,884
Depreciation and impairment
At 1 March 2022
62,550
673,903
42,780
65,217
133,289
977,739
Depreciation charged in the year
10,425
72,134
3,175
5,002
24,217
114,953
At 28 February 2023
72,975
746,037
45,955
70,219
157,506
1,092,692
Carrying amount
At 28 February 2023
708,910
1,370,771
11,950
19,046
72,515
2,183,192
At 28 February 2022
719,335
1,439,340
15,125
23,306
62,237
2,259,343
3GRCOMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
267,870
143,151
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
80,973
111,191
Trade creditors
68,214
46,445
Corporation tax
64,505
45,954
Other taxation and social security
56,515
33,854
Other creditors
3,889
5,137
274,096
242,581
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
322,565
383,603

The long term loans are secured by way of legal charge over the leasehold property and a personal guarantee from directors limited to £406,000.

 

The long term mortgage loan is secured by mortgage over assets within the company.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
244,672
249,379
2023
Movements in the year:
£
Liability at 1 March 2022
249,379
Credit to profit or loss
(4,707)
Liability at 28 February 2023
244,672
3GRCOMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
244,672
249,379
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
10,000 Ordinary Shares of £1 each
10,000
10,000
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
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