Parkrow Alloys Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03831886 (England and Wales)

PARKROW ALLOYS LIMITED

Unaudited Financial Statements for the Year Ended 30 September 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

M W Baker

SECRETARY:

Mrs S Baker

REGISTERED OFFICE:

Millfields Road

Ettingshall

Wolverhampton

West Midlands

WV4 6JQ

REGISTERED NUMBER:

03831886 (England and Wales)

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Tangible assets

4

423,524

434,151

CURRENT ASSETS

Stocks

205,803

235,509

Debtors

5

526,432

529,597

Cash at bank and in hand

16,861

13,227

749,096

778,333

CREDITORS

Amounts falling due within one year

6

683,029

691,437

NET CURRENT ASSETS

66,067

86,896

TOTAL ASSETS LESS CURRENT LIABILITIES

489,591

521,047

CREDITORS

Amounts falling due after more than one year

7

(136,958

)

(154,535

)

PROVISIONS FOR LIABILITIES

11

(1,273

)

(1,801

)

NET ASSETS

351,360

364,711

CAPITAL AND RESERVES

Called up share capital

12

231,000

231,000

Share premium

9,000

9,000

Retained earnings

111,360

124,711

SHAREHOLDERS' FUNDS

351,360

364,711

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 20 March 2020 and were signed by:

M W Baker - Director

1.	STATUTORY INFORMATION

Parkrow Alloys 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.	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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised when goods are physically delivered to the customer.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

15% straight line / 15% reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% straight line / 20% reducing balance

Stocks

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

moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with

changes recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2018

500,000

95,432

11,197

At 30 September 2019

500,000

95,432

11,197

DEPRECIATION

At 1 October 2018

79,333

83,794

10,399

Charge for year

7,000

2,520

160

Eliminated on disposal

-

-

-

At 30 September 2019

86,333

86,314

10,559

NET BOOK VALUE

At 30 September 2019

413,667

9,118

638

At 30 September 2018

420,667

11,638

798

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2018

27,553

1,997

636,179

Disposals

(27,553

)

-

(27,553

)

At 30 September 2019

-

1,997

608,626

DEPRECIATION

At 1 October 2018

26,632

1,870

202,028

Charge for year

-

26

9,706

Eliminated on disposal

(26,632

)

-

(26,632

)

At 30 September 2019

-

1,896

185,102

NET BOOK VALUE

At 30 September 2019

-

101

423,524

At 30 September 2018

921

127

434,151

Depreciation is charged on freehold property at 2% straight Line. Depreciation charged is calculated on

buildings cost only. Freehold property is split between land £150,000 and buildings £350,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

347,908

341,645

Amounts due from related party

-

5,654

Due from parent company

171,846

171,846

Prepayments and accrued income

6,678

10,452

526,432

529,597

The trade debtors balance of £347,908 (2018: £341,645) is factored. The creditor due to the factoring company

of £297,907 (2018: £288,304) is disclosed in note 6.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts (see note 8)

17,319

16,621

Trade creditors

267,168

325,366

Social security and other taxes

54,279

53,122

Amounts due to related party

3,555

-

Barclays Factoring

297,907

288,304

Due to S & M Baker

37,168

1,075

Accrued expenses

5,633

6,949

683,029

691,437

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans (see note 8)

136,958

154,535

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

67,681

88,051

8.

LOANS

An analysis of the maturity of loans is given below:

30.9.19

30.9.18

£

£

Amounts falling due within one year or on demand:

Bank loans

17,319

16,621

Amounts falling due between one and two years:

Bank loans - 1-2 years

17,319

16,621

Amounts falling due between two and five years:

Bank loans - 2-5 years

51,958

49,863

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

67,681

88,051

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.19

30.9.18

£

£

Within one year

3,392

-

Between one and five years

13,569

-

In more than five years

5,000

-

21,961

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Bank loans

154,277

171,156

Factoring Company

297,907

288,304

452,184

459,460

Bank loan is secured by a charge on the freehold property.

Factoring company charge is secured against trade debtors.

11.	PROVISIONS FOR LIABILITIES

30.9.19

30.9.18

£

£

Deferred tax

Accelerated capital allowances

1,273

1,801

Deferred

tax

£

Balance at 1 October 2018

1,801

Decrease in provision

(528

)

Balance at 30 September 2019

1,273

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

231,000

Ordinary

£1

231,000

231,000

13.	ULTIMATE CONTROLLING PARTY

The ultimate Controlling Party is M.Baker.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Parkrow Alloys Limited for the year ended 30 September 2019 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Parkrow Alloys Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parkrow Alloys Limited and state those matters that we have agreed to state to the director of Parkrow Alloys Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkrow Alloys Limited and its director for our work or for this report.

It is your duty to ensure that Parkrow Alloys Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parkrow Alloys Limited. You consider that Parkrow Alloys Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Parkrow Alloys Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

20 March 2020