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COMPANY REGISTRATION NUMBER: 11355762
3M Holdings Ltd
Filleted Unaudited Financial Statements
30 May 2023
3M Holdings Ltd
Financial Statements
Year ended 30 May 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
3M Holdings Ltd
Statement of Financial Position
30 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,569,990
1,913,631
Current assets
Debtors
6
25,360
2,169
Cash at bank and in hand
5,214
9,274
--------
--------
30,574
11,443
Creditors: amounts falling due within one year
7
( 1,396,272)
( 725,813)
------------
---------
Net current liabilities
( 1,365,698)
( 714,370)
------------
------------
Total assets less current liabilities
1,204,292
1,199,261
Creditors: amounts falling due after more than one year
8
( 1,321,836)
( 1,321,836)
------------
------------
Net liabilities
( 117,544)
( 122,575)
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
( 117,545)
( 122,576)
---------
---------
Shareholders deficit
( 117,544)
( 122,575)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr M Mathias
Director
Company registration number: 11355762
3M Holdings Ltd
Notes to the Financial Statements
Year ended 30 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
£
Cost
At 31 May 2022
1,913,631
Additions
656,359
------------
At 30 May 2023
2,569,990
------------
Depreciation
At 31 May 2022 and 30 May 2023
------------
Carrying amount
At 30 May 2023
2,569,990
------------
At 30 May 2022
1,913,631
------------
6. Debtors
2023
2022
£
£
Other debtors
25,360
2,169
--------
-------
Other debtors include an amount of £nil (2022: £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
144
Social security and other taxes
286
108
Other creditors
1,395,842
725,705
------------
---------
1,396,272
725,813
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans (secured)
1,321,836
1,321,836
------------
------------
The loan facilities are secured by charges held by The Mortgage Works (UK) PLC, Paratus AMC Limited and Charter Court Financial Services Limited, over the properties of the company.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Related party transactions
The company was under the control of Mr M Mathias , the managing director, throughout the current period and previous year by virtue of his interest in 100% of the issued ordinary share capital. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.