IRIS Accounts Production v24.2.0.383 02359111 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh023591112022-12-31023591112023-12-31023591112023-01-012023-12-31023591112021-12-31023591112022-01-012022-12-31023591112022-12-3102359111ns15:EnglandWales2023-01-012023-12-3102359111ns14:PoundSterling2023-01-012023-12-3102359111ns10:Director12023-01-012023-12-3102359111ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102359111ns10:SmallEntities2023-01-012023-12-3102359111ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102359111ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102359111ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102359111ns10:FullAccounts2023-01-012023-12-3102359111ns10:Director32023-01-012023-12-3102359111ns10:Director42023-01-012023-12-3102359111ns10:RegisteredOffice2023-01-012023-12-3102359111ns5:CurrentFinancialInstruments2023-12-3102359111ns5:CurrentFinancialInstruments2022-12-3102359111ns5:Non-currentFinancialInstruments2023-12-3102359111ns5:Non-currentFinancialInstruments2022-12-3102359111ns5:ShareCapital2023-12-3102359111ns5:ShareCapital2022-12-3102359111ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102359111ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102359111ns5:RetainedEarningsAccumulatedLosses2023-12-3102359111ns5:RetainedEarningsAccumulatedLosses2022-12-3102359111ns5:LeaseholdImprovements2022-12-3102359111ns5:FurnitureFittings2022-12-3102359111ns5:LeaseholdImprovements2023-01-012023-12-3102359111ns5:FurnitureFittings2023-01-012023-12-3102359111ns5:LeaseholdImprovements2023-12-3102359111ns5:FurnitureFittings2023-12-3102359111ns5:LeaseholdImprovements2022-12-3102359111ns5:FurnitureFittings2022-12-3102359111ns5:CostValuation2022-12-3102359111ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102359111ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102359111ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3102359111ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3102359111ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3102359111ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3102359111ns5:Secured2023-12-3102359111ns5:Secured2022-12-31
REGISTERED NUMBER: 02359111 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

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


3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mrs S Suri
Miss R Suri
Mr S Suri





REGISTERED OFFICE: Sital House
3-6 Cattle Market
Loughborough
Leicestershire
LE11 3DL





REGISTERED NUMBER: 02359111 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 75,825 86,462
Investments 5 4 4
Investment property 6 9,964,000 10,113,347
10,039,829 10,199,813

CURRENT ASSETS
Debtors 7 6,129,851 5,392,675
Cash at bank 806,084 2,145,323
6,935,935 7,537,998
CREDITORS
Amounts falling due within one year 8 (4,366,809 ) (9,648,137 )
NET CURRENT ASSETS/(LIABILITIES) 2,569,126 (2,110,139 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,608,955

8,089,674

CREDITORS
Amounts falling due after more than one
year

9

(3,989,107

)

(59,763

)
NET ASSETS 8,619,848 8,029,911

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve (2,804,147 ) (3,332,189 )
Retained earnings 11,373,995 11,312,100
8,619,848 8,029,911

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

BALANCE SHEET - continued
31 December 2023


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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mr S Suri - Director


3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

3 R Construction & Property Development Limited 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.

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 as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis. In assessing this, the directors prepare annual forecasts to ensure that the company has sufficient facilities in place to meet its liabilities as they fall due. The forecasts and management accounts are also reviewed from a compliance perspective with regards to the debt covenants with the company's lender Handelsbanken plc. Annual reviews are also conducted with Handelsbanken plc to ensure that any loan facilities due within one year are discussed well in advance of their maturity date to ensure that new/replacement financing can be put in place to ensure a seamless transition. At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources in place to continue in operational existence for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income receivable net of VAT. Income is recognised on an invoice basis net of any accounting timing adjustments.

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:

Improvements to property10 years straight line
Fixtures and fittings10 years 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.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 88,592 20,328 108,920
DEPRECIATION
At 1 January 2023 8,859 13,599 22,458
Charge for year 8,859 1,778 10,637
At 31 December 2023 17,718 15,377 33,095
NET BOOK VALUE
At 31 December 2023 70,874 4,951 75,825
At 31 December 2022 79,733 6,729 86,462

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 4
NET BOOK VALUE
At 31 December 2023 4
At 31 December 2022 4

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 10,113,347
Revaluations (149,347 )
At 31 December 2023 9,964,000
NET BOOK VALUE
At 31 December 2023 9,964,000
At 31 December 2022 10,113,347

The investment properties were revalued in December 2023 by BNP Paribas Real Estate.

On a historical cost basis these would have been included at an original cost of £12,768,147 (2022 - £12,768,147).

Investment properties with a carrying amount of £9,887,500 (2022 - £9,677,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

3 R CONSTRUCTION & PROPERTY
DEVELOPMENT LIMITED (REGISTERED NUMBER: 02359111)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,913 150,634
Amounts owed by associates 5,770,649 4,854,027
Other debtors 1,539 1,539
Prepayments and accrued income 326,750 386,475
6,129,851 5,392,675

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 568,888 4,954,227
Other loans 29,329 25,822
Trade creditors 76,765 73,495
Amounts owed to associates 3,196,884 3,997,186
Corporation tax 33,474 215,827
Social security and other taxes 665 1,002
VAT 36,165 53,877
Other creditors 43,917 43,196
Accruals and deferred income 380,722 283,505
4,366,809 9,648,137

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 3,958,672 -
Other loans - 1-2 years 30,435 29,328
Other loans - 2-5 years - 30,435
3,989,107 59,763

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,527,560 4,954,227

The bank loan with Handelsbanken is secured by legal charges over the company's investment properties and an unlimited guarantee provided by KRNS Properties Ltd a company with common directors.