Parnall Marine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11394963 (England and Wales)

PARNALL MARINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R M B Parnall

REGISTERED OFFICE:

15-19 Westgate Street

Launceston

Cornwall

PL15 7AB

REGISTERED NUMBER:

11394963 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

-

146,813

Tangible assets

6

-

1,576

-

148,389

CURRENT ASSETS

Debtors

51,555

51,688

Cash at bank

154

1,903

51,709

53,591

CREDITORS

Amounts falling due within one year

239,565

203,942

NET CURRENT LIABILITIES

(187,856

)

(150,351

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(187,856

)

(1,962

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(187,857

)

(1,963

)

(187,856

)

(1,962

)

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

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

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 11 December 2021 and were signed by:

R M B Parnall - Director

1.	STATUTORY INFORMATION

Parnall Marine 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

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.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Development costs are being amortised evenly over their estimated useful life of nil years.

Intangible assets are initially measured at cost and then subsequently revalued at the end of each financial year at fair value. If there is not an active market relevant to the Intangible Asset, then the carrying amount of the asset will be its revalued amount at the date of the last revaluation, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.

Development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

- The technical feasibility of completing the asset so that it will be available for use or sale.

- The intention to complete the asset and use or sell it.

- The ability to use the asset or to sell it.

- How the asset will generate probable future economic benefits.

- The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset.

- The ability to measure reliably the expenditure attributable to the asset during its development.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in Income Statement in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in Income Statement in the periods expected to be benefitted.

Tangible fixed assets

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

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

Computer Equipment - on a straight line basis over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

146,813

AMORTISATION

Impairments

146,813

At 31 December 2020

146,813

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

146,813

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

1,576

DEPRECIATION

Charge for year

1,576

At 31 December 2020

1,576

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

1,576

7.	ULTIMATE CONTROLLING PARTY

These financial statements contain information about Parnall Marine Limited as an individual company. It is included by full consolidation in the consolidated financial statements of its parent, Parnall Group Limited, whose registered office is 15-19 Westgate Street, Launceston, Cornwall, PL15 7AB.