COMPANYTHREE_LTD - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Companythree Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26 Brighton Road, Surbiton, Surrey, KT6 5PQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company made a profit of £5,496 and has net liabilities of £106,194. Whilst the current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy, the directors confirmed that they will continue to support the company and is confident that it has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover comprises revenue recognised in respect of real estate services supplied during the year, exclusive of Value Added Tax and trade discounts.

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:

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.

Cash at bank and in hand 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.

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.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

The average monthly number of persons (including directors) employed by the company during the year was:

Included in other creditor is unsecured bounce back loan of £30,000.

During the year the company paid rent of £8,800 (2019 - £7,700) to the director, J R Stack.

At the beginning of the year the director, A Pollard was owed £303 by the company. Advances totalled £2,000 and no repayment was made for the year. At the balance sheet date the company was owed £1,697 by the director.

At the beginning of the year the director, J Stack was owed £145 by the company. Advances totalled £21,300 and repayment of £18,800 was made for the year. At the balance sheet date the company was owed £2,355 by the director.

At the beginning of the year the director, J McCrossan was owed £29,243 by the company. Advances totalled £93,000 and repayment of £63,000 was made for the year. At the balance sheet date the company was owed £757 by the director.