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Company No: SC477409 (Scotland)

3R SOLUTIONS (HOLDINGS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

3R SOLUTIONS (HOLDINGS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

3R SOLUTIONS (HOLDINGS) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
3R SOLUTIONS (HOLDINGS) LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 239,244 71,191
Investments 4 90,216 90,216
329,460 161,407
Current assets
Stocks 42,330 27,330
Debtors 5 313,866 15,602
Cash at bank and in hand 6 11,975 10,698
368,171 53,630
Creditors: amounts falling due within one year 7 ( 38,129) ( 5,500)
Net current assets 330,042 48,130
Total assets less current liabilities 659,502 209,537
Creditors: amounts falling due after more than one year 8 ( 334,312) ( 204,662)
Net assets 325,190 4,875
Capital and reserves
Called-up share capital 9 150 150
Profit and loss account 325,040 4,725
Total shareholder's funds 325,190 4,875

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 3R Solutions (Holdings) Limited (registered number: SC477409) were approved and authorised for issue by the Director on 02 August 2024. They were signed on its behalf by:

Mr D Ireland
Director
3R SOLUTIONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
3R SOLUTIONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

3R Solutions (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE, United Kingdom. The principal place of business is Suite 6A West Philipstoun Steading, Old Philipstoun, Linlithgow, EH49 7RY, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, excluding the director 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 71,191 71,191
Additions 235,000 235,000
Disposals ( 27,227) ( 27,227)
At 31 March 2024 278,964 278,964
Accumulated depreciation
At 01 April 2023 0 0
Charge for the financial year 39,720 39,720
At 31 March 2024 39,720 39,720
Net book value
At 31 March 2024 239,244 239,244
At 31 March 2023 71,191 71,191

The additions in the period are financed through hire purchase agreements held by 3R Solutions Limited. The hire purchase agreements are secured over the assets they relate to.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 90,216
At 31 March 2024 90,216
Carrying value at 31 March 2024 90,216
Carrying value at 31 March 2023 90,216

5. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 250,012 0
Deferred tax asset 11,429 0
Other debtors 52,425 15,602
313,866 15,602

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 11,975 10,698

The bank has a floating charge over the company’s assets to secure any bank overdraft.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 34,829 0
Other creditors 3,300 5,500
38,129 5,500

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to related parties 334,312 204,662

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150

10. Related party transactions

Transactions with the entity's director

Advances

An advance of £39,527 was made to the director during the year. This loan is repayable on demand and interest is applied at 2.25%.

Other related party transactions

2024 2023
£ £
Amounts owed by 3R Solutions Limited 250,012 0
Amounts owed to 3R Solutions Limited 334,312 204,662

The amounts owed by 3R Solutions Limited is in relation to a short term loan which is interest free and repayable on demand.

Included with Fixed Assets is plant and machinery with a net book value of £201,875 (2023 – nil) which were financed by a Hire Purchase Agreement undertaken by 3R Solutions Limited.