Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2024
Third Generation Investments Ltd
(Registration number: 12890647)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
6 |
6 |
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Retained earnings |
5,774,619 |
5,765,273 |
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Shareholders' funds |
5,774,625 |
5,765,279 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Fixtures, fittings and equipment |
20% - Straight Line |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Furniture, fittings and equipment |
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Cost |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Investment properties |
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£ |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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The investment properties are included at cost. The director believes that the market value at the year end is not significantly different to the value stated in the accounts. There has been no independent valuation of the properties.
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost |
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At 1 October 2023 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Barrington House
England |
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Barrington House
England |
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Associates |
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2 Wyevale Business Park
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Ordinary |
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England |
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At the end of the latest reported financial period the aggregate amount of capital and reserves of RBC One Limited was £1,413,420.
At the end of the latest reported financial period the aggregate amount of capital and reserves of MBR Holdings Limited was £830,100.
At the end of the latest reported financial period the aggregate amount of capital and reserves of Belgravia Events Group Limited was £397.
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Debtors |
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2024 |
2023 |
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Receivables from related parties |
150,000 |
50,000 |
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Prepayments |
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Other debtors |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
1,344,564 |
1,106,100 |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
- |
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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Deferred tax |
Deferred tax assets and liabilities
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2024 |
Asset |
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Fixed asset timing differences |
( |
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Losses and other deductions |
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2023 |
There were no deferred tax assets or liabilities recognised in the year ended 30 September 2023.
Third Generation Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Related party transactions |
Summary of transactions with all subsidiaries
During the year the company charged RBC One Limited, a 50% subsidiary, £nil (2023 - £406,167) of management charges. At 30 September 2024, the company also owed RBC One Limited £365,000 (2023 - £530,000) for amounts advanced to the company in the period. The loan is unsecured, interest-free and repayable on demand.
At 30 September 2024, the company owed C F Roberts (Holdings) Limited, a subsidiary of MBR Holdings Ltd, £203,464 (2023 - £nil) for amounts to advanced to the company. The loan is unsecured, repayable on demand and no interest is payable.
Summary of transactions with other related parties
At 30 September 2024, the company owed Paisy Services LLP, a limited liability partnership in which the director P Roberts is a member, £776,100 (2023 - £576,100) for amounts to advanced to the company. The loan is unsecured, repayable on demand and no interest is payable.
At 30 September 2024, the company owed £199,241 (2023 - £16,618) to the director in the form of a director's loan account. The loan is unsecured, repayable on demand and no interest is payable.