Company registration number 02353873 (England and Wales)
THREE COUNTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
THREE COUNTIES LIMITED
COMPANY INFORMATION
Directors
Mr S.W. Allister
Mr J.H. Coats
Mr S.A.F. Faed
Mr C.M. Frame
Mr A.D. Alexander
Mr D.S. Heppell
Mrs C. Wild
Mr R.G. Kirkham
(Appointed 1 February 2024)
Company number
02353873
Registered office
Hedworths One Bowes Offices
Lambton Park Estate
Bournmoor
Durham
DH3 4AN
Auditor
Johnston Carmichael LLP
7-11 Melville St
Edinburgh
EH3 7PE
THREE COUNTIES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
THREE COUNTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The company is FCA regulated. The principal activity of the company continued to be that of investment management services.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S.W. Allister
Mr J.H. Coats
Mr S.A.F. Faed
Mr C.M. Frame
Mr A.J. Patterson
(Resigned 5 April 2024)
Mr A.D. Alexander
Mr D.S. Heppell
Mrs C. Wild
Mr R.G. Kirkham
(Appointed 1 February 2024)
Future developments

The directors do not anticipate any change to the principal activities of the company and and expect to operate with continued income from its investment management services.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

 

Strategic report

A Strategic report is not included as the company would qualify as being small, were it not part of an ineligible group.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S.W. Allister
Director
20 December 2024
THREE COUNTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors are responsible for preparing the annual report 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). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THREE COUNTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THREE COUNTIES LIMITED
- 3 -
Opinion

We have audited the financial statements of Three Counties Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.

 

Other matter

The corresponding prior year figures are unaudited.

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THREE COUNTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THREE COUNTIES LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

THREE COUNTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THREE COUNTIES LIMITED (CONTINUED)
- 5 -

Extent to which the audit is considered capable of detecting irregularities, including fraud

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

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

THREE COUNTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THREE COUNTIES LIMITED (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Bryan Shepka
Senior Statutory Auditor
For and on behalf of Johnston Carmichael LLP
20 December 2024
Chartered Accountants
Statutory Auditor
7-11 Melville St
Edinburgh
EH3 7PE
THREE COUNTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023 Unaudited
& as restated
Notes
£
£
Turnover
3
759,626
714,414
Administrative expenses
(722,614)
(663,146)
Profit before taxation
37,012
51,268
Tax on profit
8
(8,598)
(9,782)
Profit for the financial year
28,414
41,486

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 23 form part of these financial statements.

 

The corresponding prior year figures are unaudited.

THREE COUNTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023 Unaudited
& as restated
£
£
Profit for the year
28,414
41,486
Other comprehensive income
-
-
Total comprehensive income for the year
28,414
41,486

The notes on pages 11 to 23 form part of these financial statements.

 

The corresponding prior year figures are unaudited.

THREE COUNTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023 Unaudited
& as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
6,454
10,120
Current assets
Debtors
10
153,699
149,677
Cash at bank and in hand
187,861
145,534
341,560
295,211
Creditors: amounts falling due within one year
11
(137,838)
(114,111)
Net current assets
203,722
181,100
Total assets less current liabilities
210,176
191,220
Creditors: amounts falling due after more than one year
12
(19,921)
(29,060)
Provisions for liabilities
Deferred tax liability
14
1,477
1,796
(1,477)
(1,796)
Net assets
188,778
160,364
Capital and reserves
Called up share capital
16
89,625
89,625
Profit and loss reserves
99,153
70,739
Total equity
188,778
160,364

The notes on pages 11 to 23 form part of these financial statements.

 

The corresponding prior year figures are unaudited.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr S.W. Allister
Mr C.M. Frame
Director
Director
Company registration number 02353873 (England and Wales)
THREE COUNTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
89,625
29,253
118,878
Year ended 30 April 2023:
Profit and total comprehensive income
-
41,486
41,486
Balance at 30 April 2023
89,625
70,739
160,364
Year ended 30 April 2024:
Profit and total comprehensive income
-
28,414
28,414
Balance at 30 April 2024
89,625
99,153
188,778

The notes on pages 11 to 23 form part of these financial statements.

 

The corresponding prior year figures are unaudited.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Three Counties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hedworths One Bowes Offices, Lambton Park Estate, Bournmoor, Durham, DH3 4AN.

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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Greaves West & Ayre Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Reducing Balance
Computers
3 Year Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.

1.7
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023 Unaudited
£
£
Turnover analysed by class of business
Fees and commission
759,626
714,414
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover
(Continued)
- 16 -
2024
2023 Unaudited
£
£
Turnover analysed by geographical market
United Kingdom
759,626
714,414
4
Operating profit
2024
2023 Unaudited
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
3,899
5,427
5
Auditor's remuneration
2024
2023 Unaudited
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,500
-
0
For other services
Audit-related assurance services
4,000
-
0
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023 Unaudited
Number
Number
10
10

Their aggregate remuneration comprised:

2024
2023 Unaudited
£
£
Wages and salaries
424,105
354,189
Social security costs
38,206
37,250
Pension costs
26,607
38,609
488,918
430,048
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
7
Directors' remuneration
2024
2023 Unaudited
£
£
Remuneration for qualifying services
227,783
210,000
Company pension contributions to defined contribution schemes
21,208
21,377
248,991
231,377

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 Unaudited - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023 Unaudited
£
£
Remuneration for qualifying services
77,000
70,000
Company pension contributions to defined contribution schemes
8,503
8,611
8
Taxation
2024
2023 Unaudited
£
£
Current tax
UK corporation tax on profits for the current period
8,917
10,785
Deferred tax
Origination and reversal of timing differences
(319)
(1,003)
Total tax charge
8,598
9,782
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023 Unaudited
£
£
Profit before taxation
37,012
51,268
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 Unaudited: 19.00%)
9,253
9,741
Tax effect of expenses that are not deductible in determining taxable profit
42
-
0
Effect of change in corporation tax rate
-
0
279
Tax at marginal rate
(1,264)
(238)
Depreciation
975
1,031
Capital allowances
(89)
(28)
Deferred tax movement
(319)
(1,003)
Taxation charge for the year
8,598
9,782
9
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
20,594
21,409
42,003
Additions
-
0
233
233
At 30 April 2024
20,594
21,642
42,236
Depreciation and impairment
At 1 May 2023
15,412
16,471
31,883
Depreciation charged in the year
1,036
2,863
3,899
At 30 April 2024
16,448
19,334
35,782
Carrying amount
At 30 April 2024
4,146
2,308
6,454
At 30 April 2023
5,182
4,938
10,120
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
10
Debtors
2024
2023 Unaudited
Amounts falling due within one year:
£
£
Trade debtors
59,783
33,135
Amounts owed by group undertakings
60,000
60,000
Other debtors
5,000
40,901
Prepayments and accrued income
28,916
15,641
153,699
149,677
11
Creditors: amounts falling due within one year
2024
2023 Unaudited
Notes
£
£
Bank loans
13
10,021
10,648
Trade creditors
1,469
33,657
Corporation tax
13,301
10,785
Other taxation and social security
23,524
17,012
Other creditors
35,598
35,616
Accruals and deferred income
53,925
6,393
137,838
114,111
12
Creditors: amounts falling due after more than one year
2024
2023 Unaudited
Notes
£
£
Bank loans and overdrafts
13
19,921
29,060
13
Loans and overdrafts
2024
2023 Unaudited
£
£
Bank loans
29,942
39,708
Payable within one year
10,021
10,648
Payable after one year
19,921
29,060

 

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023 Unaudited
Balances:
£
£
Accelerated capital allowances
1,477
1,796
2024
Movements in the year:
£
Liability at 1 May 2023
1,796
Credit to profit or loss
(319)
Liability at 30 April 2024
1,477

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

15
Retirement benefit schemes
2024
2023 Unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,607
38,609

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2024
2023 Unaudited
2024
2023 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
62,736
62,736
62,736
62,736
Ordinary B Shares of £1 each
26,889
26,889
26,889
26,889
89,625
89,625
89,625
89,625

Both shares classes carry equal voting rights and rank equally in the event of a winding up. The holders of A and B shares are entitled to any dividends declared by the Directors on the respective share classes.

THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
17
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023 Unaudited
£
£
Within one year
28,808
9,193
Between two and five years
43,212
-
0
72,020
9,193
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Entities with control, joint control or significant influence over the company
Partnership in which some Directors' are Partners'
Description of
Income
Payments
transaction
2024
2023 Unaudited
2024
2023 Unaudited
£
£
£
£
Entities with control, joint control or significant influence over the company
Recharge of costs
75,051
83,113
1,512
31,083
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023 Unaudited
2024
2023 Unaudited
£
£
£
£
Entities with control, joint control or significant influence over the company
16,420
33,035
-
0
30,716
19
Ultimate controlling party
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Ultimate controlling party
(Continued)
- 22 -

Three Counties Limited is the wholly owned subsidiary of Three Counties Financial Management Holdings Limited. Three Counties Financial Management Holdings Limited was incorporated in the United Kingdom and its registered office address is: Hepworths One, Bowes Offices, Lambton Park Estate, Bournmoor, County Durham, DH3 4AN.

 

Three Counties Financial Management Holdings Limited is the wholly owned subsidiary of Greaves West & Ayre Limited. Greaves West & Ayre Limited was incorporated in the United Kingdom and its registered office address is: 17 Walkergate, Berwick upon Tweed, Northumberland, TD15 1DJ.

 

20
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Creditors due within one year
Taxation
(23,413)
(4,384)
(27,797)
Other creditors
(98,526)
22,860
(75,666)
Net assets
141,888
18,476
160,364
Capital and reserves
Profit and loss reserves
52,263
18,476
70,739
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Administrative expenses
(686,006)
22,860
(663,146)
Taxation
(5,398)
(4,384)
(9,782)
Profit for the financial period
23,010
18,476
41,486
Reconciliation of changes in equity
1 May
30 April
2022
2023
Notes
£
£
Adjustments to prior year
Reversal of accruals & amended taxation
1
-
18,476
Equity as previously reported
118,878
141,888
Equity as adjusted
118,878
160,364
Analysis of the effect upon equity
Profit and loss reserves
-
18,476
THREE COUNTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Prior period adjustment
(Continued)
- 23 -
Reconciliation of changes in profit for the previous financial period
2023 Unaudited
Notes
£
Adjustments to prior year
Reversal of accruals & amended taxation
1
18,476
Profit as previously reported
23,010
Profit as adjusted
41,486
Notes to reconciliation

1) Accruals were provided in the year ended 30 April 2023 Accounts which ultimately were not required. A prior year adjustment has been made to adjust the 2023 comparative figures with the Corporation tax charge also adjusted, as necessary.

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