Company registration number 07913065 (England and Wales)
Threelevels Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 June 2024
PAGES FOR FILING WITH REGISTRAR
Threelevels Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
Threelevels Limited
Balance sheet
as at 30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22
29
Investment properties
4
1,497,000
690,000
1,497,022
690,029
Current assets
Cash at bank and in hand
7,276
22,697
Creditors: amounts falling due within one year
5
(1,231,307)
(612,587)
Net current liabilities
(1,224,031)
(589,890)
Total assets less current liabilities
272,991
100,139
Creditors: amounts falling due after more than one year
6
(136,211)
Provisions for liabilities
(29,047)
(16,789)
Net assets
107,733
83,350
Capital and reserves
Called up share capital
100
100
Fair value reserve
87,140
50,368
Profit and loss reserves
20,493
32,882
Total equity
107,733
83,350
Threelevels Limited
Balance sheet (continued)
as at 30 June 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr L J Carpenter
Director
Company Registration No. 07913065
Threelevels Limited
Statement of changes in equity
for the year ended 30 June 2024
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
100
21,997
27,576
49,673
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
33,677
33,677
Transfers
-
28,371
(28,371)
-
Balance at 30 June 2023
100
50,368
32,882
83,350
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
24,383
24,383
Transfers
-
36,772
(36,772)
-
Balance at 30 June 2024
100
87,140
20,493
107,733
Threelevels Limited
Notes to the financial statements
for the year ended 30 June 2024
- 4 -
1
Accounting policies
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.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business. Turnover is recognised on receipt of funds.
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
25% on reducing balance
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.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
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.
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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Threelevels Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies
(continued)
- 5 -
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2023 and 30 June 2024
660
Depreciation and impairment
At 1 July 2023
631
Depreciation charged in the year
7
At 30 June 2024
638
Carrying amount
At 30 June 2024
22
At 30 June 2023
29
4
Investment property
2024
£
Fair value
At 1 July 2023
690,000
Additions
757,971
Revaluations
49,029
At 30 June 2024
1,497,000
Threelevels Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
4
Investment property
(continued)
- 6 -
Investment property comprises various rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,967
Taxation and social security
1,247
Other creditors
1,221,340
611,340
1,231,307
612,587
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
136,211
7
Loans and overdrafts
2024
2023
£
£
Bank loans
146,178
Loans from group undertakings and related parties
1,219,900
609,900
1,366,078
609,900
Loans made from the parent undertaking are interest free and repayable on demand.
8
Parent company
The parent company of Threelevels Limited is B. & N. Regal (Abingdon) Limited and its registered office is Coronet Bingo Club, Broadway, Didcot, England, OX11 8RU.
9
Company information
Threelevels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coronet Bingo Club, Broadway, Didcot, England, OX11 8RU.