IRIS Accounts Production v24.2.0.383 08350504 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083505042022-12-31083505042023-12-31083505042023-01-012023-12-31083505042021-12-31083505042022-01-012022-12-31083505042022-12-3108350504ns15:EnglandWales2023-01-012023-12-3108350504ns14:PoundSterling2023-01-012023-12-3108350504ns10:Director12023-01-012023-12-3108350504ns10:Director22023-01-012023-12-3108350504ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108350504ns10:SmallEntities2023-01-012023-12-3108350504ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3108350504ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108350504ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108350504ns10:FullAccounts2023-01-012023-12-310835050412023-01-012023-12-3108350504ns10:OrdinaryShareClass12023-01-012023-12-310835050412023-01-012023-12-3108350504ns10:Director42023-01-012023-12-3108350504ns10:Director52023-01-012023-12-3108350504ns10:Director62023-01-012023-12-3108350504ns10:RegisteredOffice2023-01-012023-12-3108350504ns5:CurrentFinancialInstruments2023-12-3108350504ns5:CurrentFinancialInstruments2022-12-3108350504ns5:ShareCapital2023-12-3108350504ns5:ShareCapital2022-12-3108350504ns5:CapitalRedemptionReserve2023-12-3108350504ns5:CapitalRedemptionReserve2022-12-3108350504ns5:RetainedEarningsAccumulatedLosses2023-12-3108350504ns5:RetainedEarningsAccumulatedLosses2022-12-3108350504ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108350504ns5:FurnitureFittings2023-01-012023-12-3108350504ns5:ComputerEquipment2023-01-012023-12-3108350504ns5:IntangibleAssetsOtherThanGoodwill2022-12-3108350504ns5:IntangibleAssetsOtherThanGoodwill2023-12-3108350504ns5:IntangibleAssetsOtherThanGoodwill2022-12-3108350504ns5:FurnitureFittings2022-12-3108350504ns5:ComputerEquipment2022-12-3108350504ns5:FurnitureFittings2023-12-3108350504ns5:ComputerEquipment2023-12-3108350504ns5:FurnitureFittings2022-12-3108350504ns5:ComputerEquipment2022-12-3108350504ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108350504ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108350504ns10:OrdinaryShareClass12023-12-3108350504ns5:RetainedEarningsAccumulatedLosses2022-12-3108350504ns5:CapitalRedemptionReserve2022-12-3108350504ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 08350504 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

3R Systems Ltd

Previously known as
3R Startups Limited

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


3R Systems Ltd
previously known as 3R Startups Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Bowler
C Powell
Mrs K De'ath
D Brogan
T Dyer





REGISTERED OFFICE: Unit 12 Swanwick Marina
Swanwick
Southampton
SO31 1ZL





REGISTERED NUMBER: 08350504 (England and Wales)





ACCOUNTANTS: Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 432,305 378,659
Tangible assets 5 50,674 51,360
482,979 430,019

CURRENT ASSETS
Debtors 6 184,384 75,194
Cash at bank 5,581 24,082
189,965 99,276
CREDITORS
Amounts falling due within one year 7 136,879 221,975
NET CURRENT ASSETS/(LIABILITIES) 53,086 (122,699 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

536,065

307,320

PROVISIONS FOR LIABILITIES 119,921 99,280
NET ASSETS 416,144 208,040

CAPITAL AND RESERVES
Called up share capital 9 878 878
Capital redemption reserve 10 322 322
Retained earnings 10 414,944 206,840
SHAREHOLDERS' FUNDS 416,144 208,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:




M Bowler - Director



C Powell - Director


3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

3R Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements shall be rounded to the nearest £.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for recruitment and consultancy 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.

Intangible assets
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 of assets less their residual values over their useful lives on the following bases:

Development costs5 years

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

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.

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements the directors have assessed the company forecasts and plans for the coming twelve months and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, 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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 942,154
Additions 197,716
At 31 December 2023 1,139,870
AMORTISATION
At 1 January 2023 563,495
Charge for year 144,070
At 31 December 2023 707,565
NET BOOK VALUE
At 31 December 2023 432,305
At 31 December 2022 378,659

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 52,726 20,563 73,289
Additions 2,821 7,887 10,708
At 31 December 2023 55,547 28,450 83,997
DEPRECIATION
At 1 January 2023 16,308 5,621 21,929
Charge for year 6,555 4,839 11,394
At 31 December 2023 22,863 10,460 33,323
NET BOOK VALUE
At 31 December 2023 32,684 17,990 50,674
At 31 December 2022 36,418 14,942 51,360

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 19,451 15,542
Amounts owed by group undertakings 153,363 6,609
Other debtors 274 3,083
Prepayments and accrued income 11,296 49,960
184,384 75,194

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 45 45
Trade creditors 49,833 11,567
Amounts owed to group undertakings - 91,813
Social security and other taxes 15,931 -
VAT 20,738 59,836
Other creditors 27,945 5,057
Accruals and deferred income 22,387 53,657
136,879 221,975

3R Systems Ltd (Registered number: 08350504)
previously known as 3R Startups Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. SECURED DEBTS

At the balance sheet date, in favour of Aldermore Bank PLC, there is a cross group guarantee relating to an invoice discounting facility included in 3R Finance Ltd that is secured by a fixed and floating charge over the assets of the company, dated 7th August 2017.

At the balance sheet date in favour of Barclays Security Trustee Limited, there is a cross group guarantee and a debenture - which includes fixed and floating charges over the assets of the group - between 3R Holdings Limited, 3R Finance Limited and 3R Systems Limited dated 29 June 2020.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
878 Ordinary £1 878 878

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 206,840 322 207,162
Profit for the year 208,104 208,104
At 31 December 2023 414,944 322 415,266