3squared Ltd. - Accounts to registrar (filleted) - small 23.2.5
3squared Ltd. - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 JULY 2021 TO 31 DECEMBER 2022 |
| FOR |
| 3SQUARED LTD. |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the period 1 July 2021 to 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| 3SQUARED LTD. |
| COMPANY INFORMATION |
| for the period 1 July 2021 to 31 December 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 1110 Elliott Court |
| Herald Avenue |
| Coventry Business Park |
| Coventry |
| West Midlands |
| CV5 6UB |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| BALANCE SHEET |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the period 1 July 2021 to 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| 3squared Ltd. is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The following judgements have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements: |
| Rendering of services |
| Revenue from Software Development services is recognised by reference to the stage of completion at the balance sheet date. The stage of completion is measured by reference to the number of staff hours required to complete the contract which is estimated by management. |
| Estimation is required in determining an appropriate number of staff hours required to complete a contract. The staff hours are based on managements best estimate after considering works performed to the year end date. |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
| Company and the revenue can be reliably measured. Revenue is measured as the fair value of the |
| consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| * the Company has transferred the significant risks and rewards of ownership to the buyer; |
| * the Company retains neither continuing managerial involvement to the degree usually |
| associated with ownership nor effective control over the goods sold; |
| * the amount of revenue can be measured reliably; |
| * it is probable that the Company will receive the consideration due under the transaction; and |
| * the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are |
| provided in accordance with the stage of completion of the contract when all of the following |
| conditions are satisfied: |
| * the amount of revenue can be measured reliably; |
| * it is probable that the Company will receive the consideration due under the contract; |
| * the stage of completion of the contract at the end of the reporting period can be measured |
| reliably; and |
| * the costs incurred and the costs to complete the contract can be measured reliably |
| Stage of completion is measured by reference to the number of staff hours required to complete the contract. |
| Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Office equipment | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the un-discounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill | Trademark | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2021 |
| and 31 December 2022 |
| AMORTISATION |
| At 1 July 2021 |
| Amortisation for period |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 30 June 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Office | to | Plant and |
| equipment | property | machinery |
| £ | £ | £ |
| COST |
| At 1 July 2021 |
| Additions |
| Disposals |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for period |
| Eliminated on disposal |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 30 June 2021 |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 30 June 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Bank Loans are secured by way of a fixed and floating charge over the company assets. |
| 11. | DEFERRED TAX |
| £ |
| Balance at 1 July 2021 | ( |
) |
| Accelerated capital allowances | (12,336 | ) |
| Tax losses | 50,545 |
| Pension surplus | 1,075 |
| Balance at 31 December 2022 | ( |
) |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| A Ordinary | £0.01 | 50 | 50 |
| B Ordinary | £0.01 | 50 | 50 |
| 100 | 100 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | PENSION COMMITMENTS |
| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £nil (June 2021: £11,015) were payable to the fund at the Balance Sheet date and are included in creditors. |
| 3SQUARED LTD. (REGISTERED NUMBER: 07207988) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the period 1 July 2021 to 31 December 2022 |
| 15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the period ended 31 December 2022 and the year ended 30 June 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| Interest is charged on amounts advanced to directors at 2.5%. |
| No transactions or balances were written off in the period. |