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REGISTERED NUMBER: 11473900 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

THREEPS HOLDING LTD

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained Earnings 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Statement of Cash Flows 13

Notes to the Consolidated Financial Statements 15


THREEPS HOLDING LTD

Company Information
for the year ended 31 December 2023







Directors: Mr P Hoornaert
Mr P Hoornaert





Registered office: 609 London Road
West Thurrock
Grays
Essex
RM20 3BJ





Registered number: 11473900 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Group Strategic Report
for the year ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Review of business
The principal activity of the group during the period was that of freight forwarding and transportation.

The key performance indicators were as follows:-

2023 2022
Turnover £20,654,380 £21,009,057
Gross profit £5,992,298 £6,184,865
Gross profit percentage 29% 29.4%


The directors are satisfied that the group is continuing to trade profitably and will continue its strategy to increase the turnover and its business activity in the coming year.

Principal risks and uncertainties
The principal risks and uncertainties stem from the national and global economic conditions currently being experienced, mainly due to the following:-

Liquidity risk
The group retains sufficient cash reserves to meet any future demand and at present there are no loans so the interest risk is small.

Credit and exchange risk
The group has strict controls on new and existing customers and an efficient credit control procedures. The incidence of bad debts in the past has not been material.

Other risks
The other risks and uncertainties relate to any unforeseen restrictions that may arise due to Brexit in the future.


THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Group Strategic Report
for the year ended 31 December 2023

Section 172(1) statement
The directors of the Company and the Group, as those of all UK companies, must act in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. The following paragraphs below summarise how the board of directors, both individually and together, have acted in the way that they consider, in good faith, would be the most likely to promote the success of the Company and the Group for the benefit of its shareholders as a whole and in doing so have regard (amongst other matters) to:

Risk management - consideration of risks is an integral part of our operations which includes providing services to our clients in the often highly regulated environment.

Interests of our employees - being committed to being a responsible business in which our behaviour is aligned with the expectations of our people, clients, investors and society as whole.

Fostering business relationships - our strategy is to prioritise organic growth driven by providing services to both other Group entities and our clients.

Impact of the Company's and the Group's operations on the community and environment - our approach is to create a positive approach to the clients and communities in which we interact with.

Maintaining a reputation for high standards of business conduct - consideration of risks is an integral part of how the Company and the Group operates on a daily basis which are reviewed and issued at Group level under its Corporate Governance policies including whistleblowing.

Future developments
The group has shown strong growth in the period by actively managing all the risk areas and the directors are confident the group will continue to trade profitably.

On behalf of the board:





Mr P Hoornaert - Director


18 September 2024

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Report of the Directors
for the year ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr P Hoornaert
Mr P Hoornaert

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Report of the Directors
for the year ended 31 December 2023


Auditors
The audit business of Haines Watts LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr P Hoornaert - Director


18 September 2024

Report of the Independent Auditors to the Members of
Threeps Holding Ltd


Opinion
We have audited the financial statements of Threeps Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Threeps Holding Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Report of the Independent Auditors to the Members of
Threeps Holding Ltd


Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding the risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Blundell BSc FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

19 September 2024

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Consolidated
Statement of Income and
Retained Earnings
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 20,654,380 21,009,057

Cost of sales (14,662,082 ) (14,824,192 )
Gross profit 5,992,298 6,184,865

Administrative expenses (2,875,072 ) (645,807 )
Operating profit 6 3,117,226 5,539,058

Interest receivable and similar income 1,996 75,903
3,119,222 5,614,961

Interest payable and similar expenses 7 (138,163 ) (53 )
Profit before taxation 2,981,059 5,614,908

Tax on profit 8 (763,670 ) (747,580 )
Profit for the financial year 2,217,389 4,867,328

Retained earnings at beginning of year 7,015,527 2,148,199

Retained earnings for the group at end of
year

9,232,916

7,015,527

Profit attributable to:
Owners of the parent 2,217,389 4,867,328

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Consolidated Statement of Financial Position
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 10 1,250,860 1,355,098
Tangible assets 11 787,910 872,719
Investments 12 - -
Investment property 13 9,700,000 9,700,000
11,738,770 11,927,817

Current assets
Debtors 14 3,873,163 4,274,055
Cash at bank and in hand 4,472,880 1,097,416
8,346,043 5,371,471
Creditors
Amounts falling due within one year 15 10,831,009 10,258,874
Net current liabilities (2,484,966 ) (4,887,403 )
Total assets less current liabilities 9,253,804 7,040,414

Provisions for liabilities 16 20,886 24,885
Net assets 9,232,918 7,015,529

Capital and reserves
Called up share capital 17 2 2
Retained earnings 18 9,232,916 7,015,527
Shareholders' funds 9,232,918 7,015,529

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




Mr P Hoornaert - Director



Mr P Hoornaert - Director


THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Company Statement of Financial Position
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 12,541,850 12,541,850
Investment property 13 - -
12,541,850 12,541,850

Current assets
Debtors 14 836,864 1,104,073
Cash at bank and in hand 393,923 167,796
1,230,787 1,271,869
Creditors
Amounts falling due within one year 15 4,111,845 6,744,707
Net current liabilities (2,881,058 ) (5,472,838 )
Total assets less current liabilities 9,660,792 7,069,012

Capital and reserves
Called up share capital 17 2 2
Retained earnings 18 9,660,790 7,069,010
Shareholders' funds 9,660,792 7,069,012

Company's profit for the financial year 2,591,780 3,604,896

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




Mr P Hoornaert - Director



Mr P Hoornaert - Director


THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Consolidated Statement of Cash Flows
for the year ended 31 December 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 4,899,614 3,361,123
Interest paid (138,163 ) (53 )
Tax paid (901,721 ) (512,722 )
Net cash from operating activities 3,859,730 2,848,348

Cash flows from investing activities
Purchase of tangible fixed assets (137,406 ) (343,068 )
Purchase of fixed asset investments - (4,000,000 )
Sale of tangible fixed assets 5,167 55,000
Interest received 1,996 75,903
Net cash from investing activities (130,243 ) (4,212,165 )

Cash flows from financing activities
Amount withdrawn by directors (354,023 ) -
Net cash from financing activities (354,023 ) -

Increase/(decrease) in cash and cash equivalents 3,375,464 (1,363,817 )
Cash and cash equivalents at beginning of
year

2

1,097,416

2,461,233

Cash and cash equivalents at end of year 2 4,472,880 1,097,416

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Statement of Cash Flows
for the year ended 31 December 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 2,981,059 5,614,908
Depreciation charges 322,078 320,266
Profit on disposal of fixed assets (792 ) (1,395 )
Gain on revaluation of fixed assets - (1,788,394 )
Finance costs 138,163 53
Finance income (1,996 ) (75,903 )
3,438,512 4,069,535
Decrease in trade and other debtors 400,892 376,198
Increase/(decrease) in trade and other creditors 1,060,210 (1,084,610 )
Cash generated from operations 4,899,614 3,361,123

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 4,472,880 1,097,416
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 1,097,416 2,461,233


3. Analysis of changes in net funds

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 1,097,416 3,375,464 4,472,880
1,097,416 3,375,464 4,472,880
Total 1,097,416 3,375,464 4,472,880

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Statement of Cash Flows
for the year ended 31 December 2023


4. Acquisition of business

£
Purchase of subsidiary - cash consideration paid in the prior year 4,000,000

Cash acquired on acquisition in the prior year 39,998

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. Statutory information

Threeps Holding 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 General Information page.

2. Statement of compliance

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" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates.The key judgements, estimates and assumptions are outlined in the Group's principal accounting policies which are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements presentational currency is in Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest £.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence of the foreseeable future. It will continue to receive support from its related parties where required. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Threeps Holding Limited together with its subsidiary undertakings.

Investments in subsidiary undertakings in the parent company are recognised at cost, less any impairment. In the consolidated group financial statements, the excess cost of a business combination over the fair value of the identifiable assets and liabilities acquired is recognised as goodwill.

All intra-group transactions and balance between group companies are eliminated on consolidation and consistent accounting policies are used throughout the group for the purposes of the consolidation.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. Accounting policies - continued

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Turnover
Turnover represents the amounts derived from the supply of services which fall within the company's ordinary activities, stated net of vat and excluding recharges of duty and deferred vat paid on behalf of customers.

Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the company and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually at the the time the service is provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of fifteen years.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is considered to have a finite useful life. The group establishes a reliable estimate of the useful life of goodwill based on assumptions that market participants would consider in respect of similar businesses.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - Straight line over 10 years
Fixtures and fittings - Straight line over 4 years
Motor vehicles - Straight line over 4 years

Tangible assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Investments in associates
Fixed asset investments in subsidiaries and associates are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment
A review 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.

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. Accounting policies - continued

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 are largely independent of the cash inflows from other assets or groups of
assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.


THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into euros at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors
2023 2022
£ £
Wages and salaries 1,380,066 1,139,600
Social security costs 148,414 132,819
Other pension costs 146,931 38,824
1,675,411 1,311,243

The average number of employees during the year was as follows:
2023 2022

Office and management 8 8
Sales 36 31
44 39

5. Directors' emoluments
2023 2022
£ £
Directors' remuneration 77,865 78,157

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


6. Operating profit

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 217,840 216,028
Profit on disposal of fixed assets (792 ) (1,395 )
Goodwill amortisation 104,238 104,239
Auditors' remuneration 23,400 22,750
Auditors' remuneration for non audit work 13,675 7,945
Foreign exchange differences 11,113 (26,271 )

7. Interest payable and similar expenses
2023 2022
£ £
Other interest payable 67,271 53
Loan 70,892 -
138,163 53

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 767,669 758,914

Deferred tax (3,999 ) (11,334 )
Tax on profit 763,670 747,580

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


8. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 2,981,059 5,614,908
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022
- 19 %)

745,265

1,066,833

Effects of:
Expenses not deductible for tax purposes 53,714 35,068
Income not taxable for tax purposes (198 ) (340,060 )
Capital allowances in excess of depreciation - (2,927 )
Depreciation in excess of capital allowances 12,593 -
Effect on change in tax rate during the year (43,705 ) -
Deferred tax (credit)/charge (3,999 ) (11,334 )
Total tax charge 763,670 747,580

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. Intangible fixed assets

Group
Goodwill
£
Cost
At 1 January 2023
and 31 December 2023 1,563,575
Amortisation
At 1 January 2023 208,477
Amortisation for year 104,238
At 31 December 2023 312,715
Net book value
At 31 December 2023 1,250,860
At 31 December 2022 1,355,098

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. Tangible fixed assets

Group
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost
At 1 January 2023 237,054 966,342 109,537
Additions - 91,824 11,071
Disposals - (92,046 ) (4,985 )
At 31 December 2023 237,054 966,120 115,623
Depreciation
At 1 January 2023 49,780 523,080 85,346
Charge for year 4,741 84,228 19,745
Eliminated on disposal - (87,671 ) (4,985 )
At 31 December 2023 54,521 519,637 100,106
Net book value
At 31 December 2023 182,533 446,483 15,517
At 31 December 2022 187,274 443,262 24,191

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2023 596,184 75,481 1,984,598
Additions 34,511 - 137,406
Disposals - (26,275 ) (123,306 )
At 31 December 2023 630,695 49,206 1,998,698
Depreciation
At 1 January 2023 397,900 55,773 1,111,879
Charge for year 102,557 6,569 217,840
Eliminated on disposal - (26,275 ) (118,931 )
At 31 December 2023 500,457 36,067 1,210,788
Net book value
At 31 December 2023 130,238 13,139 787,910
At 31 December 2022 198,284 19,708 872,719

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


12. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 January 2023
and 31 December 2023 12,541,850
Net book value
At 31 December 2023 12,541,850
At 31 December 2022 12,541,850

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Dornack International Limited
Registered office: England and Wales
Nature of business: Freight Forwarding
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£ £
Aggregate capital and reserves 1,984,895 2,489,577
Profit for the year 2,095,318 3,053,829

Yamadari Limited
Registered office: Isle of Man
Nature of business: Property holding company
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£ £
Aggregate capital and reserves 8,878,218 8,643,690
Profit for the year 234,528 65,901


THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


13. Investment property

Group
Total
£
Fair value
At 1 January 2023
and 31 December 2023 9,700,000
Net book value
At 31 December 2023 9,700,000
At 31 December 2022 9,700,000

The property has been previously valued by an independent professional valuer in May 2019 and is considered by the Directors to reflect the fair value at 31 December 2023.

14. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 3,782,628 4,222,986 - -
Amounts owed by group undertakings - - 836,864 1,104,073
VAT 38,547 7,422 - -
Prepayments 51,988 43,647 - -
3,873,163 4,274,055 836,864 1,104,073

15. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 2,590,393 2,883,764 - -
Amounts owed to group undertakings - - 2 120,061
Tax 478,676 612,728 - 24,630
Social security and other taxes 41,809 37,254 - -
Other creditors 4,099,843 6,237,993 4,099,843 6,237,993
Amts owed to related companies 3,440,803 - - -
Directors' loan accounts - 354,023 - 354,023
Accrued expenses 179,485 133,112 12,000 8,000
10,831,009 10,258,874 4,111,845 6,744,707

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


16. Provisions for liabilities

Group
2023 2022
£ £
Deferred tax 20,886 24,885

Group
Deferred tax
£
Balance at 1 January 2023 24,885
Deferred tax (3,999 )
Balance at 31 December 2023 20,886

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary 2 2 2

18. Reserves

Group
Retained
earnings
£

At 1 January 2023 7,015,527
Profit for the year 2,217,389
At 31 December 2023 9,232,916

Company
Retained
earnings
£

At 1 January 2023 7,069,010
Profit for the year 2,591,780
At 31 December 2023 9,660,790


19. Related party disclosures

THREEPS HOLDING LTD (REGISTERED NUMBER: 11473900)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


19. Related party disclosures - continued

Entities over which the entity has control, joint control or significant influence
2023 2022
£ £
Interest receivable - 22,205

During the year, a total of key management personnel compensation of £ 378,542 (2022 - £ 245,656 ) was paid.