Parker Asset Holdings Limited - Period Ending 2022-11-30
Parker Asset Holdings Limited - Period Ending 2022-11-30
Registration number:
Parker Asset Holdings Limited
for the Year Ended 30 November 2022
Parker Asset Holdings Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Parker Asset Holdings Limited
Company Information
Director |
J Parker |
Registered office |
|
Parker Asset Holdings Limited
(Registration number: 09583719)
Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Revaluation reserve |
185,877 |
67,596 |
|
Retained earnings |
3,085,922 |
2,854,671 |
|
Shareholders' funds |
3,271,800 |
2,922,268 |
Parker Asset Holdings Limited
(Registration number: 09583719)
Balance Sheet as at 30 November 2022
For the financial year ending 30 November 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 09583719.
These financial statements cover the individual entity, Parker Asset Holdings Limited.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis. Specifically in connection with the current economic climate, the director has considered the impact of COVID-19 on the business and is satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% Straight line basis |
Furniture, fittings, tools and equipment |
25% Reducing balance basis |
Motor vehicles |
25% Reducing balance basis |
Office equipment |
33% Straight line basis |
Investment property
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Tangible assets |
Land and buildings |
Long leasehold land and buildings |
Office equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||||
At 1 December 2021 |
|
- |
- |
|
|
|
Revaluations |
|
- |
- |
- |
- |
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
- |
- |
( |
( |
( |
At 30 November 2022 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 December 2021 |
- |
- |
- |
|
|
|
Charge for the year |
- |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 November 2022 |
- |
- |
|
|
|
|
Carrying amount |
||||||
At 30 November 2022 |
|
|
|
|
|
|
At 30 November 2021 |
|
- |
- |
|
|
|
The valuation of land and buildings were made as at 1st February, 2018 by a firm of independent Chartered Surveyors on an open market basis.
Had this class of asset been measured on a historical cost basis, the cost amount would have been £1,337,359 (2021: £1,337,359).
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Investment properties |
2022 |
|
At 1 December |
|
At 30 November |
|
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Other investments |
373,224 |
373,224 |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 December 2021 |
|
Provision |
|
Carrying amount |
|
At 30 November 2022 |
|
At 30 November 2021 |
|
Stocks |
2022 |
2021 |
|
Other inventories |
|
|
Debtors |
Current |
2022 |
2021 |
Trade debtors |
|
|
Prepayments |
|
|
|
|
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
3,325 |
2,140 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Creditors include bank loans and hire purchases which are secured of £116,327 (2021 - £121,414).
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Creditors include bank loans and hire purchases which are secured of £1,367,164 (2021 - £1,491,620).
Creditors include bank loans repayable by instalments of £884,721 (2021- £964,281) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Parker Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
Other borrowings |
|
|
|
|