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Threeway Fields Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2024

Registration number: 05901116

 

Threeway Fields Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Threeway Fields Limited

Company Information

Directors

A B Stevenson

L J Roberts

Registered office

Roseland 2000
Bon Cot Road
Old Paul Hill
Newlyn, Penzance
TR18 5BY

 

Threeway Fields Limited

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

262,605

263,219

Current assets

 

Debtors

5

1,650

2,505

Cash at bank and in hand

 

2,688

7,380

 

4,338

9,885

Creditors: Amounts falling due within one year

6

(202,378)

(213,605)

Net current liabilities

 

(198,040)

(203,720)

Net assets

 

64,565

59,499

Capital and reserves

 

Called up share capital

240

240

Profit and loss account

64,325

59,259

Shareholders' funds

 

64,565

59,499

 

Threeway Fields Limited

Balance Sheet

31 August 2024

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

.........................................
L J Roberts
Director

Company Registration Number: 05901116

 

Threeway Fields Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Roseland 2000
Bon Cot Road
Old Paul Hill
Newlyn, Penzance
TR18 5BY

These financial statements were authorised for issue by the Board on 22 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue on receipt of the rental income.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Threeway Fields Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and property

Not depreciated

Furniture, fittings and equipment

20% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.




 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

 

Threeway Fields Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

4

Tangible assets

Agricultural land
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

260,149

4,796

264,945

At 31 August 2024

260,149

4,796

264,945

Depreciation

At 1 September 2023

-

1,726

1,726

Charge for the year

-

614

614

At 31 August 2024

-

2,340

2,340

Carrying amount

At 31 August 2024

260,149

2,456

262,605

At 31 August 2023

260,149

3,070

263,219

5

Debtors

2024
£

2023
£

Trade debtors

1,650

2,505

1,650

2,505

6

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Other creditors

199,172

208,868

Accrued expenses

1,874

1,150

Corporation tax

1,332

3,587

202,378

213,605

 

Threeway Fields Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

2024
£

2023
£

Due within one year

Corporation tax

1,332

3,587

Other creditors

199,172

208,868

Accruals and deferred income

1,874

1,150

202,378

213,605