Parallel.net Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03073313 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

PARALLEL.NET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C Markou

REGISTERED OFFICE:

8 Hurlingham Business Park

Sulivan Road

London

London

SW6 3DU

REGISTERED NUMBER:

03073313 (England and Wales)

ACCOUNTANTS:

TaxAgility Accountants Ltd

Chartered Accountants

34 Lower Richmond Road

Putney

London

SW15 1JP

FIXED ASSETS

Property, plant and equipment

4

41,714

42,815

CURRENT ASSETS

Inventories

2,500

2,500

Debtors

5

225,916

198,455

Cash at bank

141,319

140,306

369,735

341,261

CREDITORS

Amounts falling due within one year

6

(132,770

)

(110,655

)

NET CURRENT ASSETS

236,965

230,606

TOTAL ASSETS LESS CURRENT LIABILITIES

278,679

273,421

CREDITORS

Amounts falling due after more than one year

7

-

(921

)

PROVISIONS FOR LIABILITIES

(7,925

)

(8,135

)

NET ASSETS

270,754

264,365

CAPITAL AND RESERVES

Called up share capital

8

2,000

2,000

Retained earnings

9

268,754

262,365

SHAREHOLDERS' FUNDS

270,754

264,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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.

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 7 February 2020 and were signed by:

Mr C Markou - Director

1.	STATUTORY INFORMATION

Parallel.net 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 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.

Turnover

Revenue 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.

Office furniture

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Inventories 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

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 (2018 - 13 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Office

Plant and

and

furniture

machinery

fittings

£

£

£

COST

At 1 September 2018

27,509

18,299

25,864

Additions

51

556

711

At 31 August 2019

27,560

18,855

26,575

DEPRECIATION

At 1 September 2018

24,333

13,501

20,119

Charge for year

484

745

944

At 31 August 2019

24,817

14,246

21,063

NET BOOK VALUE

At 31 August 2019

2,743

4,609

5,512

At 31 August 2018

3,176

4,798

5,745

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2018

11,221

84,062

166,955

Additions

-

6,501

7,819

At 31 August 2019

11,221

90,563

174,774

DEPRECIATION

At 1 September 2018

4,419

61,768

124,140

Charge for year

1,700

5,047

8,920

At 31 August 2019

6,119

66,815

133,060

NET BOOK VALUE

At 31 August 2019

5,102

23,748

41,714

At 31 August 2018

6,802

22,294

42,815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

207,443

180,267

Other debtors

18,473

18,188

225,916

198,455

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts

921

3,645

Trade creditors

40,460

26,499

Taxation and social security

89,304

77,497

Other creditors

2,085

3,014

132,770

110,655

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts

-

921

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

2,000

Ordinary

£1

2,000

2,000

9.

RESERVES

Retained

earnings

£

At 1 September 2018

262,365

Profit for the year

151,389

Dividends

(145,000

)

At 31 August 2019

268,754

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2019 and

31 August 2018:

31.8.19

31.8.18

£

£

Mr C Markou

Balance outstanding at start of year

(1,514

)

(886

)

Amounts advanced

1,045

143,125

Amounts repaid

(116

)

(143,753

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(585

)

(1,514

)

It is confirmed that the director’s current account is debited with personal transactions and credited with

director’s remuneration as well as dividends.

The loan is unsecured, interest free and no repayment terms have been agreed.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £145,000 (2018 - £133,000) were paid to the director .

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Markou.