3DReid Manchester Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10561746 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

3DReid Manchester Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R C Graham-Marr

M H Taylor

N Speakes

E McLaren

REGISTERED OFFICE:

26 Cross Street

Manchester

M2 7AQ

REGISTERED NUMBER:

10561746 (England and Wales)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

4

438

1,236

CURRENT ASSETS

Stocks

43,000

48,500

Debtors

5

268,614

452,023

Cash at bank and in hand

10,539

10,474

322,153

510,997

CREDITORS

Amounts falling due within one year

6

(315,953

)

(477,946

)

NET CURRENT ASSETS

6,200

33,051

TOTAL ASSETS LESS CURRENT LIABILITIES

6,638

34,287

CAPITAL AND RESERVES

Called up share capital

80

80

Retained earnings

6,558

34,207

6,638

34,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2021 and were signed on its behalf by:

M H Taylor - Director

1.	STATUTORY INFORMATION

3DReid Manchester Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company manages its business with suitable financial KPI's in place to identify and secure workload, monitor resources, profitability and cashflow. Due to the current economic climate arising from Covid-19 the Directors recognise that there are certain matters that might influence the business that are out with the company's control. The Directors are therefore monitoring the Covid-19 situation and managing its effect on the business on a continuous basis.

Given the information presented, and the continuing support of the parent company, the Directors continue to adopt a going concern basis in preparing the financial statements.

Critical accounting judgements and estimates

The preparation of these financial statements requires the directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are discussed below:

Work in Progress

Work in progress is valued at cost of all direct expenditure plus attributable fixed and variable overheads less any provision for foreseeable losses.

Revenue Recognition

Revenue is recognised to the extent that it is probable that the financial benefits will flow to the company and the revenue can be readily measured. Turnover from the fees for architectural services is recognised by reference to stage payments. The stage of where a contract is at is determined either by reference to the estimate of the fee drawdown, evaluation of the proportion of fees in relation to milestones and the proportion of WIP valued, depending on the nature of the underlying contract.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Government grants

Grants of a revenue nature are credited to the profit and loss accounts in the period in which the expenditure is incurred.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

and 31 October 2020

2,393

DEPRECIATION

At 1 November 2019

1,157

Charge for year

798

At 31 October 2020

1,955

NET BOOK VALUE

At 31 October 2020

438

At 31 October 2019

1,236

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

236,700

405,880

Other debtors

31,914

46,143

268,614

452,023

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

14,115

21,653

Amounts owed to group undertakings

276,250

378,452

Taxation and social security

-

35,820

Other creditors

25,588

42,021

315,953

477,946

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.20

31.10.19

£

£

Within one year

48,309

71,785

Between one and five years

-

48,309

48,309

120,094

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	ULTIMATE PARENT COMPANY

The ultimate parent company is 3DReid (Group) Limited.