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Registration number: 10145267

Three Cheers Management Company Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

Three Cheers Management Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Three Cheers Management Company Limited

Company Information

Directors

N M Fox

T Peake

M E L Reynolds

Company secretary

N M Fox

Registered office

Twinley House
Twinley Lane
Whitchurch
Hampshire
RG28 7QR

Auditors

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Three Cheers Management Company Limited

(Registration number: 10145267)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

98,000

98,000

Current assets

 

Debtors

5

915,218

1,161,578

Cash at bank and in hand

 

11,590

19,296

 

926,808

1,180,874

Creditors: Amounts falling due within one year

6

(759,155)

(979,280)

Net current assets

 

167,653

201,594

Total assets less current liabilities

 

265,653

299,594

Creditors: Amounts falling due after more than one year

6

-

(60,066)

Net assets

 

265,653

239,528

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

265,652

239,527

Shareholders' funds

 

265,653

239,528

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 28 November 2023 and signed on its behalf by:
 

.........................................
N M Fox
Company secretary and director

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Twinley House
Twinley Lane
Whitchurch
Hampshire
RG28 7QR
England and Wales

These financial statements were authorised for issue by the Board on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2023 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

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 sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in associates

98,000

98,000

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Associates

£

Cost

At 1 April 2022

98,000

Provision

Carrying amount

At 31 March 2023

98,000

At 31 March 2022

98,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Associates

Six Cheers Limited

3 Monkspath Hall Road
Shirley, Solihiull
West Midlands B90 4SJ

Ordinary

49%

49%

 

England

     

Associates

Six Cheers Limited

The principal activity of Six Cheers Limited is operation of public houses.

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

14,413

28,773

Amounts owed by group undertakings

10

298,001

40,001

Other debtors

 

602,804

1,092,804

 

915,218

1,161,578

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

400,000

560,991

Trade creditors

 

4,358

4,345

Amounts owed to group undertakings

10

342,000

392,000

Taxation and social security

 

10,997

20,144

Accruals and deferred income

 

1,800

1,800

 

759,155

979,280

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

60,066

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

60,066

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

160,991

Other borrowings

400,000

400,000

400,000

560,991

9

Financial commitments, guarantees and contingencies

HSBC Bank plc has the right to set-off bank balances of Three Cheers Management Company Limited against other group companies bank debts. The Company has provided intercompany guarantees to HSBC Bank plc in respect of all debts due.

10

Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 Paragraph 33.1A and has not reported transactions with Three Cheers Pub Company Limited nor with other wholly owned members of the group.

 

Three Cheers Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Other related party transactions

During the year the company made the following related party transactions:

Andrew Gregg
(Andrew Gregg is related to Mark Reynolds, who is a director of the Company)
Interest rate - 2% above Bank of England base rate or 5%, whichever is higher.
At the balance sheet date the amount due to Andrew Gregg was £400,000 (2022 - £400,000).

11

Parent and ultimate parent undertaking

The company's immediate parent is Three Cheers Pub Company Limited, incorporated in England and Wales.