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 |
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: |
Registered office: |
Registered number: |
Auditors: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
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 |
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 |
Investment property | 13 |
Current assets |
Debtors | 14 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 15 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 17 |
Retained earnings | 18 |
Shareholders' funds |
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 |
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 |
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 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 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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Isle of Man |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
VAT | 38,547 | 7,422 |
Prepayments | 51,988 | 43,647 |
3,873,163 | 4,274,055 |
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 | - | - |
Tax | 478,676 | 612,728 |
Social security and other taxes | 41,809 | 37,254 |
Other creditors | 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 |
10,831,009 | 10,258,874 |
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: | £ | £ |
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 |
Profit for the year |
At 31 December 2023 |
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. |