Company registration number 03418399 (England and Wales)
THREE PEARS ONLINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
THREE PEARS ONLINE LIMITED
COMPANY INFORMATION
Director
E S Dunn
Secretary
Ms K E Tonks
Company number
03418399
Registered office
Hyefield House
36 Hagley Road
Halesowen
West Midlands
B63 4RH
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THREE PEARS ONLINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THREE PEARS ONLINE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Current assets
Debtors
4
37,285
84,817
Cash at bank and in hand
5,708
7,636
42,993
92,453
Creditors: amounts falling due within one year
5
(603,104)
(647,839)
Net current liabilities
(560,111)
(555,386)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(560,113)
(555,388)
Total equity
(560,111)
(555,386)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
E S Dunn
Director
Company registration number 03418399 (England and Wales)
THREE PEARS ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Three Pears Online Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hyefield House, 36 Hagley Road, Halesowen, West Midlands, B63 4RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis which the director considers appropriate. The company relies on support from the fellow group company Three Pears Limited, which is considered to be available for the foreseeable future and for at least the next twelve months from the date of approval of the financial statements. Should the going concern basis not be applicable adjustments would have to be made to reduce assets to their recoverable amounts and to reclassify fixed assets as current assets and long term liabilities as short term liabilities.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THREE PEARS ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
THREE PEARS ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,285
84,817
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,086
8,486
Amounts owed to group undertakings
546,701
622,110
Taxation and social security
14,092
14,003
Other creditors
2,225
3,240
603,104
647,839
6
Securities
From 1 March 2021 Arbuthnot Commercial Asset Based Lending Limited registered fixed and floating charges over all assets of the company.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Garry Rutter FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
27 November 2024
9
Related party transactions
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.
THREE PEARS ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
10
Ultimate controlling party
The company's immediate and ultimate parent company is Three Pears Holdings Limited.
The principal place of business of Three Pears Holdings Limited is at Hyefield House, 36 Hagley Road, Halesowen, West Midlands, B63 4RH.
The ultimate controlling party is Mr E S Dunn, the director of the company, who owns all of the issued share capital of the ultimate parent company Three Pears Holdings Limited.