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Registration number: SC661970

3Co (Projects) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

3Co (Projects) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

3Co (Projects) Limited

Company Information

Directors

Mr Patrick Joseph Gallagher

Ms Laura Martin

Mr Calum Maclachlainn

Mr Craig Neil McGougan

Mr Derwyn Hewitt

Company secretary

Ms Laura Martin

Registered office

120 George Street
Oban
Argyll
PA34 5NT

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

3Co (Projects) Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Patrick Joseph Gallagher

Ms Laura Martin - Company secretary and director

Mr Calum Maclachlainn

Mr Craig Neil McGougan

Mr Derwyn Hewitt

Principal activity

The principal activity of the company is Construction

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 24 January 2024 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
3Co (Projects) Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 3Co (Projects) Limited for the year ended 31 May 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of 3Co (Projects) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 3Co (Projects) Limited and state those matters that we have agreed to state to the Board of Directors of 3Co (Projects) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3Co (Projects) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 3Co (Projects) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 3Co (Projects) Limited. You consider that 3Co (Projects) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 3Co (Projects) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

24 January 2024

 

3Co (Projects) Limited

Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

16,099

582,198

Cost of sales

 

(8,641)

(456,031)

Gross profit

 

7,458

126,167

Administrative expenses

 

(12,170)

(6,038)

Operating (loss)/profit

 

(4,712)

120,129

(Loss)/profit before tax

3

(4,712)

120,129

Tax on (loss)/profit

 

-

(22,684)

(Loss)/profit for the financial year

 

(4,712)

97,445

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

3Co (Projects) Limited

Statement of Comprehensive Income for the Year Ended 31 May 2023

2023
£

2022
£

(Loss)/profit for the year

(4,712)

97,445

Total comprehensive income for the year

(4,712)

97,445

 

3Co (Projects) Limited

(Registration number: SC661970)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

560

700

Current assets

 

Stocks

5

23,850

-

Debtors

6

59,788

59,834

Cash at bank and in hand

 

35,228

94,827

 

118,866

154,661

Creditors: Amounts falling due within one year

7

(26,433)

(57,656)

Net current assets

 

92,433

97,005

Net assets

 

92,993

97,705

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

92,693

97,405

Shareholders' funds

 

92,993

97,705

For the financial year ending 31 May 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.

Approved and authorised by the Board on 24 January 2024 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

3Co (Projects) Limited

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

300

97,405

97,705

Loss for the year

-

(4,712)

(4,712)

At 31 May 2023

300

92,693

92,993

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

300

(40)

260

Profit for the year

-

97,445

97,445

At 31 May 2022

300

97,405

97,705

 

3Co (Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

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.

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 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

 

3Co (Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

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 receivables.

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 finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

3

Loss/profit before tax

Arrived at after charging/(crediting)

 

3Co (Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Depreciation expense

140

175

 

3Co (Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

875

875

At 31 May 2023

875

875

Depreciation

At 1 June 2022

175

175

Charge for the year

140

140

At 31 May 2023

315

315

Carrying amount

At 31 May 2023

560

560

At 31 May 2022

700

700

5

Stocks

2023
£

2022
£

Work in progress

23,850

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,122

20,584

Other debtors

31,666

39,250

 

59,788

59,834

7

Creditors

Creditors: amounts falling due within one year

 

3Co (Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Due within one year

Trade creditors

26,433

23,103

Taxation and social security

-

34,553

26,433

57,656

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300