Parke Morrison Construction Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02785695 (England and Wales)

PARKE MORRISON CONSTRUCTION LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J. Donaghy

REGISTERED OFFICE:

135/137, Station Road,

Chingford,

London

E4 6AG

REGISTERED NUMBER:

02785695 (England and Wales)

ACCOUNTANTS:

Findlay, Wetherfield, Scott & Co.

Chartered Accountants

135/137, Station Road,

Chingford,

London

E4 6AG

BANKERS:

HSBC Bank plc.,

54 Clarence Street,

Kingston Upon Thames

Surrey

KT1 1NS

FIXED ASSETS

Tangible assets

4

69,846

30,360

CURRENT ASSETS

Stocks

1,220

15,100

Debtors

5

630,360

374,544

Cash at bank and in hand

1,965

205,673

633,545

595,317

CREDITORS

Amounts falling due within one year

6

558,460

351,858

NET CURRENT ASSETS

75,085

243,459

TOTAL ASSETS LESS CURRENT LIABILITIES

144,931

273,819

PROVISIONS FOR LIABILITIES

13,271

5,459

NET ASSETS

131,660

268,360

CAPITAL AND RESERVES

Called up share capital

7

50,002

50,002

Retained earnings

81,658

218,358

SHAREHOLDERS' FUNDS

131,660

268,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 13th April 2018 and were signed by:

J. Donaghy - Director

1.	STATUTORY INFORMATION

Parke Morrison Construction 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

in accordance with the property

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 21 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1st July 2016

6,945

8,288

36,221

At 30th June 2017

6,945

8,288

36,221

DEPRECIATION

At 1st July 2016

6,944

8,282

35,634

Charge for year

-

-

582

Eliminated on disposal

-

-

-

At 30th June 2017

6,944

8,282

36,216

NET BOOK VALUE

At 30th June 2017

1

6

5

At 30th June 2016

1

6

587

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st July 2016

81,673

34,377

167,504

Additions

51,985

7,850

59,835

Disposals

(32,718

)

-

(32,718

)

At 30th June 2017

100,940

42,227

194,621

DEPRECIATION

At 1st July 2016

60,517

25,767

137,144

Charge for year

10,811

4,045

15,438

Eliminated on disposal

(27,807

)

-

(27,807

)

At 30th June 2017

43,521

29,812

124,775

NET BOOK VALUE

At 30th June 2017

57,419

12,415

69,846

At 30th June 2016

21,156

8,610

30,360

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st July 2016

21,656

Transfer to ownership

(21,656

)

At 30th June 2017

-

DEPRECIATION

At 1st July 2016

5,413

Charge for year

4,331

Transfer to ownership

(9,744

)

At 30th June 2017

-

NET BOOK VALUE

At 30th June 2017

-

At 30th June 2016

16,243

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

486,118

325,987

Other debtors

36,323

36,323

Directors' current accounts

96,444

-

Prepayments

11,475

12,234

630,360

374,544

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

79,748

-

Hire purchase contracts

-

7,437

Trade creditors

118,366

59,582

Corporation tax

110,585

99,427

Social security and other taxes

140,675

93,750

Other creditors

14,099

22,300

Related party creditors

57,282

43,985

Directors' current accounts

-

167

Accrued expenses

37,705

25,210

558,460

351,858

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2017

2016

value:

£

£

100,000

Share capital

£1

50,002

50,002

Of the issued capital, 49,998 have been issued nil paid.

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

J.Donaghy is a director of and shareholder in other companies. Transactions at normal commercial rates with

these companies were:

P M Electrical Limited:

Sales of goods and services £15,000 (previous year - £nil).

Owed from (to) at the balance sheet date £(30,624) (previous year - £(30,624)).

PM Exhibitions Limited:

Sales of goods and services £369,184 (previous year - £363,841).

Owed from (to) at the balance sheet date £(26,658) (previous year - £(13,361)).

The property from which the company trades is owned by the director. Rent was paid to the director in the year of

£36,000 (previous year - £36,000).

The amount owed to (by) the director at the balance sheet date was £(96,444) (previous year - £167).

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £600,000 (2016 - £120,000) were paid to the director .

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J. Donaghy.