IRIS Accounts Production v25.1.4.42 04803506 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 Conditional Loyalty 1.00000 Ordinary 1.00000 Conditional Loyalty 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048035062023-09-30048035062024-09-30048035062023-10-012024-09-30048035062022-09-30048035062022-10-012023-09-30048035062023-09-3004803506ns15:EnglandWales2023-10-012024-09-3004803506ns14:PoundSterling2023-10-012024-09-3004803506ns10:Director12023-10-012024-09-3004803506ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3004803506ns10:MediumEntities2023-10-012024-09-3004803506ns10:Audited2023-10-012024-09-3004803506ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3004803506ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3004803506ns10:FullAccounts2023-10-012024-09-3004803506ns5:JointVenture12023-10-012024-09-3004803506ns10:OrdinaryShareClass12023-10-012024-09-3004803506ns10:OrdinaryShareClass32023-10-012024-09-3004803506ns10:Director22023-10-012024-09-3004803506ns10:Director32023-10-012024-09-3004803506ns10:Director42023-10-012024-09-3004803506ns10:Director52023-10-012024-09-3004803506ns10:CompanySecretary12023-10-012024-09-3004803506ns10:RegisteredOffice2023-10-012024-09-3004803506ns5:CurrentFinancialInstruments2024-09-3004803506ns5:CurrentFinancialInstruments2023-09-3004803506ns5:Non-currentFinancialInstruments2024-09-3004803506ns5:Non-currentFinancialInstruments2023-09-3004803506ns5:ShareCapital2024-09-3004803506ns5:ShareCapital2023-09-3004803506ns5:RevaluationReserve2024-09-3004803506ns5:RevaluationReserve2023-09-3004803506ns5:RetainedEarningsAccumulatedLosses2024-09-3004803506ns5:RetainedEarningsAccumulatedLosses2023-09-3004803506ns5:ShareCapital2022-09-3004803506ns5:RetainedEarningsAccumulatedLosses2022-09-3004803506ns5:RevaluationReserve2022-09-3004803506ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3004803506ns5:RevaluationReserve2022-10-012023-09-3004803506ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3004803506ns5:RevaluationReserve2023-10-012024-09-300480350642023-10-012024-09-300480350642022-10-012023-09-300480350612023-10-012024-09-3004803506ns5:HirePurchaseContracts2023-10-012024-09-3004803506ns5:HirePurchaseContracts2022-10-012023-09-3004803506ns10:OrdinaryShareClass12022-10-012023-09-3004803506ns5:PlantMachinery2023-09-3004803506ns5:MotorVehicles2023-09-3004803506ns5:ComputerEquipment2023-09-3004803506ns5:PlantMachinery2023-10-012024-09-3004803506ns5:MotorVehicles2023-10-012024-09-3004803506ns5:ComputerEquipment2023-10-012024-09-3004803506ns5:PlantMachinery2024-09-3004803506ns5:MotorVehicles2024-09-3004803506ns5:ComputerEquipment2024-09-3004803506ns5:PlantMachinery2023-09-3004803506ns5:MotorVehicles2023-09-3004803506ns5:ComputerEquipment2023-09-3004803506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3004803506ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3004803506ns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3004803506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-3004803506ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-3004803506ns5:LeasedAssetsHeldAsLessee2024-09-3004803506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:LeasedAssetsHeldAsLessee2023-09-3004803506ns5:CostValuation2023-09-3004803506ns5:JointVenture112023-10-012024-09-3004803506ns5:JointVenture12024-09-3004803506ns5:JointVenture12023-09-3004803506ns5:JointVenture12022-10-012023-09-3004803506ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3004803506ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3004803506ns5:CurrentFinancialInstruments2023-10-012024-09-3004803506ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3004803506ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3004803506ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3004803506ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3004803506ns5:HirePurchaseContracts2024-09-3004803506ns5:HirePurchaseContracts2023-09-3004803506ns5:DeferredTaxation2023-09-3004803506ns5:DeferredTaxation2024-09-3004803506ns10:OrdinaryShareClass12024-09-3004803506ns10:OrdinaryShareClass32024-09-30
REGISTERED NUMBER: 04803506 (England and Wales)
























Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Threeshires Limited

Threeshires Limited (Registered number: 04803506)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Threeshires Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J B Lloyd
J L Lloyd
M S Elson
W H Schofield
T Broughton Lloyd





SECRETARY: J L Lloyd





REGISTERED OFFICE: Linden Cottage
Kings Gardens
Grantham
Lincolnshire
NG31 8TY





REGISTERED NUMBER: 04803506 (England and Wales)





INDEPENDENT AUDITORS: BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
West Midlands
WS9 0RB

Threeshires Limited (Registered number: 04803506)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

FAIR REVIEW OF THE BUSINESS
The principal activities of the company during the year were Environmental Appraisal & Contracting Services. The company's' suite of contracting services includes large scale site clearance, arboriculture works, the design and implementation of all types of ecological mitigation and enhancement measures, habitat creation and management, fencing and landscaping, and the design and implementation of invasive weed solutions. Alongside our contracting business, we also have an experienced team of Ecological and Heritage Consultants.

The company has a consistent and proactive approach to investing in its people and is equally passionate in the environment.

The company has considerable financial resources and contracts with a number of blue chip clients across different geographic areas. Accordingly, we believe that the company is well placed to manage it business risks successfully. The sustained improvement in customer service levels have helped to enable the company to build for the future whilst further investing in the foundations for future growth.

Turnover for the year to 30 September 2024 of £7,597,867 (2023 - £8,631,955) has decreased by £1,034,088 (-11.98%). The major driving force behind this decline can be attributed to an on-site accident that occurred in March 24 on one of our key sites - E2B. As the tier one contractor - Costain had already reported 2 prior accidents (unrelated to Threeshires) in consecutive months of our largest sites were shutdown (E2B / G2P). This represents between £150k- £200k in lost turnover per site, across the months March to May 2024. Both sites were re-opened in June.

In addition to the above; the Chelmsford A12 project, a £2 million contract to be carried out over 2 years, that had been awarded & planned in, had been shelved. Representing further lost revenue in this period as the business had to shift resources into other areas at short notice.

Gross Profit for the year of £3,474,937 (2023 - £4,125,539) decreased by £650,602 (-15.77%) year on year. The reduction in revenue is largely attributable to the decrease in gross profit. The gross margin has remained relatively constant over the two years (2024: 46%, 2023: 48%).

Operating profit of £407,790 (2023 - £1,007,708) has decreased year on year. In addition to some trickle-down effect as above commentary, increasing depreciation as a result of Capex investment, catch up of the Directors pension that had been previously erroneously suspended & professional costs incurred leading up to & facilitating the purchase of the Stonesby site have also stimulated a decline in OP. The latter being abnormal one of costs.

Amounts Recoverable on Contracts as at 30 September 2024 were £35,807, compared to £420,717 in the prior year. Several of our larger multi-year spanning contracts are approaching high % value of completion at year end (Hornsea, G2P, E2B, M1), replaced in the short term by more smaller / shorter term contracts. In addition to this, the appointment of an inhouse QS has facilitated a more efficient certification process of works undertaken with the tier 1 contractors.


Threeshires Limited (Registered number: 04803506)

Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
We see a number of risks for the year ahead which are disclosed below. We are constantly monitoring and reviewing to minimise the potential impact.

Loss of employees
Staff appraisals are conducted to improve communication, review salaries and working conditions to ensure the company remains a competitive employer.

Economic climate
Throughout our years in business there have been many periods of economic downturn. We manage the times with tight controls and measures to limit our exposure.

Foreign currency risk
The company conducts a very limited number of transactions in foreign currency, and as such the financial risks are considered to be small, and as a result, the company does not use foreign exchange forward contracts or derivatives to hedge these exposures.

Credit risk
The company's principal financial assets are bank balances and other trade receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The company only trades with reputable companies to minimise this risk.

Liquidity risk
The company manages its cash and borrowing requirement to ensure the company has sufficient liquid resources to meet the operating needs of the business, and reviews cashflow projections to ensure there is sufficient headroom in forecasts.

KEY PERFORMANCE INDICATORS
For the year ended 30 September 2024 performance is reported using the following key performance indicators which has been described in our report above:

Turnover £7,597,867 (2023 - £8,631,955)
Profit before taxation £354,776 (2023 - £930,257)
Net assets £3,647,781 (2023 - £3,629,244)

ON BEHALF OF THE BOARD:





J B Lloyd - Director


26 June 2025

Threeshires Limited (Registered number: 04803506)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of environmental appraisal & contracting services.

DIVIDENDS
An interim dividend of £16.7014 per share was paid on the Ordinary £1 shares on 6 April 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 30 September 2023 will be £167,014.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

J B Lloyd
J L Lloyd
M S Elson
W H Schofield
T Broughton Lloyd

As permitted by the Articles of Association, the Directors have the benefit of an indemnity, which is a qualifying third-party indemnity provision by section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

GOING CONCERN AND FUTURE DEVELOPMENTS
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

The directors have prepared profit and cash flow forecasts for the company for a period of at least 12 months from
the date of approval of the financial statements. Based on this review, along with assessing the latest financial
performance of the company in FY25, the directors consider the company to have sufficient resources to continue
trading for a period of at least 12 months from the date of approval of the financial statements, being able to meet its
liabilities as and when they fall due.

Because of the reasons set out above, the directors have adopted the going concern basis in preparing the financial statements and have concluded that there are no material uncertainties present in relation to going concern.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's
strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk
management.


Threeshires Limited (Registered number: 04803506)

Report of the Directors
for the Year Ended 30 September 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR
BK Plus Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing they be re-appointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:





J B Lloyd - Director


26 June 2025

Independent Auditors' Report to the Members of
Threeshires Limited

Opinion
We have audited the financial statements of Threeshires Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Threeshires Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing minutes of meetings of those charged with governance, if available;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Members of
Threeshires Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Williams FCCA (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
West Midlands
WS9 0RB

26 June 2025

Threeshires Limited (Registered number: 04803506)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 4 7,597,867 8,631,955

Cost of sales 4,122,930 4,506,416
GROSS PROFIT 3,474,937 4,125,539

Administrative expenses 3,118,923 3,125,270
356,014 1,000,269

Other operating income 5 51,776 9,439
OPERATING PROFIT 7 407,790 1,009,708

Interest receivable and similar income 1,456 855
409,246 1,010,563

Interest payable and similar expenses 8 54,470 80,306
PROFIT BEFORE TAXATION 354,776 930,257

Tax on profit 9 169,225 (218,609 )
PROFIT FOR THE FINANCIAL YEAR 185,551 1,148,866

Threeshires Limited (Registered number: 04803506)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 185,551 1,148,866


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

185,551

1,148,866

Threeshires Limited (Registered number: 04803506)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,779,965 2,469,189
Investments 12 150,000 150,000
2,929,965 2,619,189

CURRENT ASSETS
Stocks 13 384,729 320,885
Debtors 14 2,532,418 2,917,610
Cash at bank 509,086 613,193
3,426,233 3,851,688
CREDITORS
Amounts falling due within one year 15 1,342,728 1,701,909
NET CURRENT ASSETS 2,083,505 2,149,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,013,470

4,768,968

CREDITORS
Amounts falling due after more than one year 16 (680,980 ) (532,092 )

PROVISIONS FOR LIABILITIES 20 (684,709 ) (607,632 )
NET ASSETS 3,647,781 3,629,244

CAPITAL AND RESERVES
Called up share capital 21 10,525 10,525
Revaluation reserve 22 111,840 111,840
Retained earnings 22 3,525,416 3,506,879
SHAREHOLDERS' FUNDS 3,647,781 3,629,244

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





J B Lloyd - Director


Threeshires Limited (Registered number: 04803506)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 10,525 2,543,240 111,840 2,665,605

Changes in equity
Dividends - (185,227 ) - (185,227 )
Total comprehensive income - 1,148,866 - 1,148,866
Balance at 30 September 2023 10,525 3,506,879 111,840 3,629,244

Changes in equity
Dividends - (167,014 ) - (167,014 )
Total comprehensive income - 185,551 - 185,551
Balance at 30 September 2024 10,525 3,525,416 111,840 3,647,781

Threeshires Limited (Registered number: 04803506)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 322,563 1,441,074
Interest paid (1,734 ) (41,396 )
Interest element of hire purchase payments
paid

(52,736

)

(38,910

)
Tax paid - (294,423 )
Taxation refund 189,775 -
Net cash from operating activities 457,868 1,066,345

Cash flows from investing activities
Purchase of tangible fixed assets (53,984 ) (446,090 )
Sale of tangible fixed assets 125,000 217,065
Interest received 1,456 855
Net cash from investing activities 72,472 (228,170 )

Cash flows from financing activities
Loan repayments in year (138,047 ) (1,002,973 )
Capital repayments in year (496,400 ) (513,478 )
Net cash from financing activities (634,447 ) (1,516,451 )

Decrease in cash and cash equivalents (104,107 ) (678,276 )
Cash and cash equivalents at beginning of
year

2

613,193

1,291,469

Cash and cash equivalents at end of year 2 509,086 613,193

Threeshires Limited (Registered number: 04803506)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit for the financial year 185,551 1,148,866
Depreciation charges 480,250 456,301
Profit on disposal of fixed assets (47,938 ) (107,619 )
Finance costs 54,470 80,306
Finance income (1,456 ) (855 )
Taxation 169,225 (218,609 )
840,102 1,358,390
(Increase)/decrease in stocks (63,844 ) 81,490
Increase in trade and other debtors (135,561 ) (412,638 )
(Decrease)/increase in trade and other creditors (318,134 ) 413,832
Cash generated from operations 322,563 1,441,074

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 509,086 613,193
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 613,193 1,291,469


Threeshires Limited (Registered number: 04803506)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank 613,193 (104,107 ) 509,086
613,193 (104,107 ) 509,086
Debt
Finance leases (971,171 ) (251,857 ) (1,223,028 )
Debts falling due within 1 year (138,047 ) 138,047 -
(1,109,218 ) (113,810 ) (1,223,028 )
Total (496,025 ) (217,917 ) (713,942 )

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Threeshires Limited is a private company limited by shares, registered in England & Wales. The company's registered office address is Linden Cottage, Kings Garden's, Grantham, Lincoln, NG31 8TY

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified for certain assets being measured at revalued amount.

The profit and loss account has been prepared on the basis that all operations are continuing.

Going Concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

The directors have prepared profit and cash flow forecasts for the company for a period of at least 12 months from the date of approval of the financial statements. Based on this review, along with assessing the latest financial performance of the company in FY25, the directors consider the company to have sufficient resources to continue trading for a period of at least 12 months from the date of approval of the financial statements, being able to meet its liabilities as and when they fall due.

Because of the reasons set out above, the directors have adopted the going concern basis in preparing the financial statements and have concluded that there are no material uncertainties present in relation to going concern.

Turnover
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by obtaining certified surveys of work completed.

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

Freehold property15% on reducing balance
Plant and machinery (including freehold property improvements)10% on straight line
Office equipment33% on straight line
Motor vehicles25% 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.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-
term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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.

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax

Current Tax
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from the net profit as reported in the income statement 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 calculate during rates of tax that have been enacted or substantively enacted by the reporting date.


Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Profitability of contracts
The determination of work in progress balances resulting in contract assets and contract liabilities requires the exercise of judgement in relation to the estimated percentage completion and profit to be earned on each contract. The company obtain third party certification when making applications for payment, reducing the estimation uncertainty in relation to percentage completion of revenue. Contract assets and liabilities are therefore based on the expectation of profitability on contracts leading to either cost accruals or prepayments.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company in the United Kingdom.

Analysis of turnover by activity for the year ended 30 September 2024

20242023
£   £   
Contracting works6,661,6167,759,285
Consultancy936,171872,170
Other80500
7,597,8678,631,955

5. OTHER OPERATING INCOME

An analysis of the company's turnover is as follows:

20242023
££
Other significant revenue
Other operating income39,1929,439
Other interest7,550-
Interest income1,456855

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,406,820 2,132,065
Social security costs 232,289 205,925
Other pension costs 226,894 67,650
2,866,003 2,405,640

The average number of employees during the year was as follows:
2024 2023

Operatives and administrative staff 67 62
Senior Management 5 5
72 67

Directors remuneration
2024 2023
£ £
Remuneration for qualifying services 222,718 188,993
Company pension contributions to defined contribution schemes 155,575 13,057
378,293 202,050

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 3).

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:

2024 2023
£ £
Emoluments etc 28,717 28,300
Accrued pension 69,000 -

7. OPERATING PROFIT

20242023
Operating profit for the year is stated after charging/(crediting):££
Fees payable to the company's auditor for the audit of the company's financial
statements

21,000

20,000
Fees payable to the company's auditor for non audit services--
Depreciation of owned tangible fixed assets480,250456,301
(Profit)/loss on disposal of tangible fixed assets(47,938)(107,619)

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,734 41,396
Hire purchase 52,736 38,910
54,470 80,306

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 277 (151,144 )
R&D tax reclaim 91,871 (182,710 )
Total current tax 92,148 (333,854 )

Deferred tax 77,077 115,245
Tax on profit 169,225 (218,609 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 354,776 930,257
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 25%)

67,407

232,564

Effects of:
Expenses not deductible for tax purposes 681 7,244
Income not taxable for tax purposes 14,642 26,905
Capital allowances in excess of depreciation (74,418 ) (116,342 )
Utilisation of tax losses (8,035 ) -
Deferred tax adjustments 77,077 28,811
Change in tax rate - 21,069
R&D tax relief claim in respect of current period - (155,116 )
R&D tax relief claim in respect to prior periods 91,871 (263,744 )
Total tax charge/(credit) 169,225 (218,609 )

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim dividend ord shares 167,014 185,227

11. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 3,448,211 1,138,936 13,177 4,600,324
Additions 521,689 343,144 3,255 868,088
Disposals (157,249 ) (51,115 ) - (208,364 )
At 30 September 2024 3,812,651 1,430,965 16,432 5,260,048
DEPRECIATION
At 1 October 2023 1,509,087 608,871 13,177 2,131,135
Charge for year 326,951 153,509 90 480,550
Eliminated on disposal (93,601 ) (38,001 ) - (131,602 )
At 30 September 2024 1,742,437 724,379 13,267 2,480,083
NET BOOK VALUE
At 30 September 2024 2,070,214 706,586 3,165 2,779,965
At 30 September 2023 1,939,124 530,065 - 2,469,189

Cost and depreciation brought forward have been restated to align classification of assets to underlying records. This has had no impact on brought forward net book value or upon reported net assets.

Cost or valuation at 30 September 2024 is represented by:

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Valuation in 2016 147,509 7,654 - 155,163
Valuation in 2018 - (7,654 ) - (7,654 )
Valuation in 2020 (35,669 ) - - (35,669 )
Cost 3,700,811 1,430,965 16,432 5,148,208
3,812,651 1,430,965 16,432 5,260,048

Asset were revalued as at 30 September 2016 to their deemed costs in transition from UK GAAP to FRS 102.

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 1,380,773 482,253 1,863,026
Additions 470,960 343,144 814,104
Disposals (22,289 ) (51,115 ) (73,404 )
At 30 September 2024 1,829,444 774,282 2,603,726
DEPRECIATION
At 1 October 2023 361,633 199,233 560,866
Charge for year 146,267 91,748 238,015
Eliminated on disposal (14,209 ) (38,001 ) (52,210 )
At 30 September 2024 493,691 252,980 746,671
NET BOOK VALUE
At 30 September 2024 1,335,753 521,302 1,857,055
At 30 September 2023 1,019,140 283,020 1,302,160

12. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 October 2023
and 30 September 2024 150,000
NET BOOK VALUE
At 30 September 2024 150,000
At 30 September 2023 150,000

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Knighton Countryside Management Limited
Registered office: Unit 37 Enterprise Park, Piddlehinton, Dorchester, Dorset, United Kingdom, DT2 7UA
Nature of business: Arboreal and ecological works
%
Class of shares: holding
Ordinary 50.00
31.3.24 30.9.22
£    £   
Aggregate capital and reserves 1,025,279 972,431
Profit for the year 52,848 222,863

13. STOCKS
2024 2023
£    £   
Stocks & WIP 384,729 320,885

14. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,914,318 1,892,943
Amounts owed by participating interests 20,000 20,000
Amounts recoverable on contract 35,807 420,717
Other debtors - 56,696
R&D tax relief owed 59,089 -
Directors' current accounts 80,822 -
Tax - 333,947
VAT 70,581 -
Prepayments and accrued income 351,801 180,919
2,532,418 2,905,222

Amounts falling due after more than one year:
Trade debtors - 12,388

Aggregate amounts 2,532,418 2,917,610

Amounts owed by undertakings in which the company has a participating interest are unsecured, interest free and repayable on demand.

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) - 138,047
Hire purchase contracts (see note 18) 542,048 439,079
Payments on account - 66,716
Trade creditors 599,029 873,540
Social security and other taxes 60,820 58,446
VAT - 886
Other creditors 48,135 105,195
Pension 12,854 -
Directors' current accounts 12,612 -
Accrued expenses 67,230 20,000
1,342,728 1,701,909

Amounts owed to undertakings in which the company has a participating interest are unsecured, interest free and repayable on demand.

Other creditors relate to director and shareholder loan balances. See note 23 for amounts advanced and repayments. Balances are unsecured, interest free and are repayable on demand.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 18) 680,980 532,092

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 138,047

18. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 542,048 439,079
Between one and five years 680,980 532,092
1,223,028 971,171

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

18. LEASING AGREEMENTS - continued

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The leases are secured against the assets to which they relate.

19. FINANCIAL INSTRUMENTS

2024 2023
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 2,015,140 1,982,028
Carrying amount of financial liabilities
Measured at amortised cost 1,950,034 2,174,670


20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 684,709 607,632

Deferred
tax
£   
Balance at 1 October 2023 607,632
Accelerated capital allowances 77,077
Fixed asset timing differences
Balance at 30 September 2024 684,709

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within a future period.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000
525 Conditional Loyalty £1 525 525
10,525 10,525

Threeshires Limited (Registered number: 04803506)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

21. CALLED UP SHARE CAPITAL - continued

Each ordinary share is entitled to one vote and is entitled to rank pari passu to dividend payments or other distributions.

Each conditional loyalty share is not entitled to vote. but is entitled to rank pari passu to dividend payments or other distributions for owners of the same class. The shares are conditional on the holder being in the employ of the company or having retired from such employment.

22. RESERVES

Revaluation reserve
This reserve records the value fluctuations in long-term assets.

Profit and loss account
This reserve records retained earnings and accumulated losses.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J B Lloyd by virtue of his majority shareholding.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors loan account balances are presented within other debtors and other creditors as appropriate, and are repayable on demand.


Description
Opening
balance
Amounts
advanced
Amounts
repaid
Closing
balance
£   £   £   £   
Directors loan balances56,696168,788(144,662)80,822

Beneficial loan interest has been charged of £1,456 in respect of James & Jan Lloyd's loan account using the HMRC prescribed interest rates.

25. RELATED PARTY DISCLOSURES

Threeshires Limited owns 50% of the share capital of an associated company Knighton Countryside Management Ltd (KCML), and J Lloyd is also a director.

During the year, Threeshires Limited made no sales to KCML (2023 - NIL), and no purchases from KCML (2023 - £218,878). At the year end there were no debtors due from KCML (2023 - £20,000).

Outside of remuneration and dividends, no transactions took place with key management personnel during the year.