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2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
SC211905
3X1 Limited
Unaudited filleted financial statements
31 December 2023
3X1 Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
3X1 Limited
Directors and other information
|
|
|
|
Directors |
J A C Grant |
|
|
K J Pearson |
|
|
|
|
|
|
|
Secretary |
J A C Grant |
|
|
|
|
|
|
|
Company number |
SC211905 |
|
|
|
|
|
|
|
Registered office |
16-18 Weir Street |
|
|
Falkirk |
|
|
FK1 1RA |
|
|
|
|
|
|
|
Business address |
11 Fitzroy Place |
|
|
Glasgow |
|
|
G3 7RW |
|
|
|
|
|
|
|
Accountants |
Barrie Scott & Co. |
|
|
16-18 Weir Street |
|
|
Falkirk |
|
|
FK1 1RA |
|
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|
3X1 Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of 3X1 Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 3X1 Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of 3X1 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 financial statements of 3X1 Limited and state those matters that we have agreed to state to the board of directors of 3X1 Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3X1 Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that 3X1 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 3X1 Limited. You consider that 3X1 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 financial statements of 3X1 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 financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
6 March 2024
3X1 Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
115,333 |
|
|
|
201,833 |
|
|
Tangible assets |
|
6 |
18,664 |
|
|
|
11,860 |
|
|
Investments |
|
7 |
1,210 |
|
|
|
1,210 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
135,207 |
|
|
|
214,903 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
8 |
216,587 |
|
|
|
151,280 |
|
|
Cash at bank and in hand |
|
|
125,239 |
|
|
|
250,891 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
341,826 |
|
|
|
402,171 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
308,727) |
|
|
|
(
416,735) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets/(liabilities) |
|
|
|
|
33,099 |
|
|
|
(
14,564) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
168,306 |
|
|
|
200,339 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
18,333) |
|
|
|
(
28,333) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
149,973 |
|
|
|
172,006 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Capital redemption reserve |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
149,971 |
|
|
|
172,004 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
149,973 |
|
|
|
172,006 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
06 March 2024
, and are signed on behalf of the board by:
K J Pearson
Director
Company registration number:
SC211905
3X1 Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16-18 Weir Street, Falkirk, FK1 1RA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for public relation services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current year and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
5 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Short leasehold property |
- |
10 % |
straight line |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Computer equipment |
- |
33.33 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2022:
18
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
1,730,000 |
1,730,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 January 2023 |
1,528,167 |
1,528,167 |
|
|
|
|
|
Charge for the year |
86,500 |
86,500 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
1,614,667 |
1,614,667 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
115,333 |
115,333 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
201,833 |
201,833 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Short leasehold property |
Fixtures, fittings and equipment |
Computer equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
62,942 |
60,009 |
52,550 |
175,501 |
|
|
|
|
Additions |
- |
- |
14,646 |
14,646 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
62,942 |
60,009 |
67,196 |
190,147 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
62,942 |
48,149 |
52,550 |
163,641 |
|
|
|
|
Charge for the year |
- |
2,965 |
4,877 |
7,842 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
62,942 |
51,114 |
57,427 |
171,483 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
- |
8,895 |
9,769 |
18,664 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
- |
11,860 |
- |
11,860 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
1,210 |
1,210 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
1,210 |
1,210 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
1,210 |
1,210 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
140,134 |
114,387 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
66,450 |
29,352 |
|
Other debtors |
|
10,003 |
7,541 |
|
|
|
_______ |
_______ |
|
|
|
216,587 |
151,280 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,000 |
10,000 |
|
Corporation tax |
|
78,277 |
54,135 |
|
Social security and other taxes |
|
72,106 |
79,305 |
|
Other creditors |
|
148,344 |
273,295 |
|
|
|
_______ |
_______ |
|
|
|
308,727 |
416,735 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
18,333 |
28,333 |
|
|
|
_______ |
_______ |
|
|
|
|
|