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Company No: 10351755 (England and Wales)

3HS ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

3HS ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

3HS ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
3HS ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,927,104 1,586,544
1,927,104 1,586,544
Current assets
Stocks 5 10,000 10,000
Debtors 6 5,045 3,354
Cash at bank and in hand 9,192 18,261
24,237 31,615
Creditors: amounts falling due within one year 7 ( 1,029,340) ( 581,879)
Net current liabilities (1,005,103) (550,264)
Total assets less current liabilities 922,001 1,036,280
Creditors: amounts falling due after more than one year 8 ( 1,500,000) ( 1,500,000)
Net liabilities ( 577,999) ( 463,720)
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account ( 578,999 ) ( 464,720 )
Total shareholders' deficit ( 577,999) ( 463,720)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 3HS Enterprises Limited (registered number: 10351755) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J E Hadley
Director

27 January 2025

3HS ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
3HS ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

3HS Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 80 Grove Lane, Holt, NR25 6ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Directors believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs.

The Directors confirm they will continue to provide financial support to the company in terms of loan accounts, and will not withdraw support, unless the company has sufficient funds. They have also considered the Company’s position at the time of signing the financial statements, and in particular the effects of the wider economy. As part of our assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 16

3. Intangible assets

Website costs Total
£ £
Cost
At 01 March 2023 8,135 8,135
At 29 February 2024 8,135 8,135
Accumulated amortisation
At 01 March 2023 8,135 8,135
At 29 February 2024 8,135 8,135
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 March 2023 1,719,592 12,443 43,326 4,746 1,780,107
Additions 359,256 0 21,809 0 381,065
At 29 February 2024 2,078,848 12,443 65,135 4,746 2,161,172
Accumulated depreciation
At 01 March 2023 151,227 8,665 29,088 4,583 193,563
Charge for the financial year 33,089 944 6,390 82 40,505
At 29 February 2024 184,316 9,609 35,478 4,665 234,068
Net book value
At 29 February 2024 1,894,532 2,834 29,657 81 1,927,104
At 28 February 2023 1,568,365 3,778 14,238 163 1,586,544

5. Stocks

2024 2023
£ £
Bar stock 3,500 3,500
Food stock 6,500 6,500
10,000 10,000

6. Debtors

2024 2023
£ £
Prepayments 4,536 2,242
Other debtors 509 1,112
5,045 3,354

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 43,493 17,648
Amounts owed to directors 875,850 514,611
Accruals and deferred income 50,500 30,840
Other taxation and social security 47,334 16,374
Other creditors 12,163 2,406
1,029,340 581,879

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to directors 1,500,000 1,500,000

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.50 each 1,000 1,000

10. Related party transactions

At the period end the directors and shareholders were owed £2,375,850 (2023 - £2,014,611). Of the amounts owed, £1,500,000 (2023 - £1,500,000) was repayable after more than one year.