2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 04829667 2024-01-01 2024-12-31 04829667 2024-12-31 04829667 2023-12-31 04829667 2023-01-01 2023-12-31 04829667 2023-12-31 04829667 2022-12-31 04829667 core:FurnitureFittings 2024-01-01 2024-12-31 04829667 core:MotorVehicles 2024-01-01 2024-12-31 04829667 bus:Director2 2024-01-01 2024-12-31 04829667 core:FurnitureFittings 2023-12-31 04829667 core:FurnitureFittings 2024-12-31 04829667 core:MotorVehicles 2024-12-31 04829667 core:WithinOneYear 2024-12-31 04829667 core:WithinOneYear 2023-12-31 04829667 core:AfterOneYear 2024-12-31 04829667 core:ShareCapital 2024-12-31 04829667 core:ShareCapital 2023-12-31 04829667 core:CapitalRedemptionReserve 2024-12-31 04829667 core:CapitalRedemptionReserve 2023-12-31 04829667 core:RetainedEarningsAccumulatedLosses 2024-12-31 04829667 core:RetainedEarningsAccumulatedLosses 2023-12-31 04829667 core:BetweenOneFiveYears 2023-12-31 04829667 core:FurnitureFittings 2023-12-31 04829667 bus:Director1 2024-01-01 2024-12-31 04829667 bus:SmallEntities 2024-01-01 2024-12-31 04829667 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04829667 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04829667 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04829667 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 04829667
HG3 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
HG3 LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
31,306
199
CURRENT ASSETS
Stocks
16,079
9,154
Debtors
6
64,039
58,571
Cash at bank and in hand
67,571
80,599
----------
----------
147,689
148,324
CREDITORS: amounts falling due within one year
7
69,933
58,983
----------
----------
NET CURRENT ASSETS
77,756
89,341
----------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
109,062
89,540
CREDITORS: amounts falling due after more than one year
8
13,924
----------
--------
NET ASSETS
95,138
89,540
----------
--------
HG3 LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
95,038
89,440
--------
--------
SHAREHOLDERS FUNDS
95,138
89,540
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
Mr J Hargreaves
Director
Company registration number: 04829667
HG3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Tilcon House, Low Moor Lane, Knaresborough, North Yorkshire, HG5 9JB.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
(h) Impairment of fixed assets
A review for indicators 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.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
(l) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
10,989
10,989
Additions
33,990
33,990
--------
--------
--------
At 31 December 2024
10,989
33,990
44,979
--------
--------
--------
Depreciation
At 1 January 2024
10,790
10,790
Charge for the year
50
2,833
2,883
--------
--------
--------
At 31 December 2024
10,840
2,833
13,673
--------
--------
--------
Carrying amount
At 31 December 2024
149
31,157
31,306
--------
--------
--------
At 31 December 2023
199
199
--------
--------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
62,886
53,114
Other debtors
1,153
5,457
--------
--------
64,039
58,571
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,253
10,990
Corporation tax
10,707
4,365
Social security and other taxes
7,575
2,960
Directors Account
15,284
19,526
Other creditors
5,114
21,142
--------
--------
69,933
58,983
--------
--------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
13,924
--------
----
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
11,250
11,250
Later than 1 year and not later than 5 years
11,250
--------
--------
11,250
22,500
--------
--------