Company registration number 03995268 (England and Wales)
3-WAY DISPLAYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
3-WAY DISPLAYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
3-WAY DISPLAYS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,458
14,081
Tangible assets
4
349,477
411,449
360,935
425,530
Current assets
Stocks
50,000
50,000
Debtors
5
1,177,525
602,593
Cash at bank and in hand
125,347
123,646
1,352,872
776,239
Creditors: amounts falling due within one year
6
(871,441)
(464,834)
Net current assets
481,431
311,405
Total assets less current liabilities
842,366
736,935
Creditors: amounts falling due after more than one year
7
(109,340)
(175,518)
Provisions for liabilities
(79,663)
(71,498)
Net assets
653,363
489,919
Capital and reserves
Called up share capital
8
240
240
Profit and loss reserves
653,123
489,679
Total equity
653,363
489,919

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 31 October 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.

3-WAY DISPLAYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
M J Stroud
Director
Company registration number 03995268 (England and Wales)
3-WAY DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

3-Way Displays Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Orchard House Industrial Estate, Amersham Road, Chesham, Buckinghamshire, HP5 1NE.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Sale of goods

Revenue arises from the sale of retail and exhibition display products.

Revenue is recognised when the customer accepts delivery of the goods.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Website
10% straight line
1.4
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:

Leasehold improvements
10% straight line
Plant and equipment
25% straight line & 5% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

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.

3-WAY DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.8
Taxation

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

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.

 

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.

3-WAY DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2023
2022
Number
Number
Total
28
27
3
Intangible fixed assets
Other
£
Cost
At 1 November 2022 and 31 October 2023
22,549
Amortisation and impairment
At 1 November 2022
8,468
Amortisation charged for the year
2,623
At 31 October 2023
11,091
Carrying amount
At 31 October 2023
11,458
At 31 October 2022
14,081
3-WAY DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
29,149
773,947
46,609
14,999
864,704
Additions
-
0
13,083
2,802
-
0
15,885
Disposals
-
0
(33,615)
-
0
-
0
(33,615)
At 31 October 2023
29,149
753,415
49,411
14,999
846,974
Depreciation and impairment
At 1 November 2022
14,704
396,144
31,938
10,469
453,255
Depreciation charged in the year
2,915
66,676
4,516
3,750
77,857
Eliminated in respect of disposals
-
0
(33,615)
-
0
-
0
(33,615)
At 31 October 2023
17,619
429,205
36,454
14,219
497,497
Carrying amount
At 31 October 2023
11,530
324,210
12,957
780
349,477
At 31 October 2022
14,445
377,803
14,671
4,530
411,449
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,099,567
500,815
Other debtors
77,958
101,778
1,177,525
602,593
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
382,600
42,000
Trade creditors
248,611
246,940
Taxation and social security
179,395
102,155
Other creditors
60,835
73,739
871,441
464,834

Bank loans are secured by a fixed and floating charge over the assets of the company.

 

Included in other creditors is £24,178 (2022 - £26,598) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

3-WAY DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,000
105,000
Other creditors
46,340
70,518
109,340
175,518

Bank loans are secured by a fixed and floating charge over the assets of the company.

 

Included in other creditors is £46,340 (2022 - £70,518) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
12,000
12,000
120
120
Ordinary A shares of 1p each
5,400
5,400
54
54
Ordinary B shares of 1p each
5,400
5,400
54
54
Ordinary C shares of 1p each
1,200
1,200
12
12
24,000
24,000
240
240
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
88,261
68,489
Between two and five years
257,427
205,467
345,688
273,956
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