Parallel Contemporary Racing Ltd - Accounts

Parallel Contemporary Racing Ltd - Accounts

LIVE COMPANY GROUP PRODUCTION LIMITED - Company Information

Print Friendly Version

2019-01-01 2019-12-31 false No description of principal activity Capium Accounts Production 1.1 08699498 bus:FullAccounts 2019-01-01 2019-12-31 08699498 bus:FRS102 2019-01-01 2019-12-31 08699498 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 08699498 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 08699498 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 08699498 2019-01-01 2019-12-31 08699498 2019-12-31 08699498 bus:RegisteredOffice 2019-01-01 2019-12-31 08699498 core:WithinOneYear 2019-12-31 08699498 core:AfterOneYear 2019-12-31 08699498 bus:Director1 2019-01-01 2019-12-31 08699498 bus:Director1 2019-12-31 08699498 bus:Director1 2018-01-01 2018-12-31 08699498 2018-01-01 08699498 bus:CompanySecretary1 2019-01-01 2019-12-31 08699498 bus:LeadAgentIfApplicable 2019-01-01 2019-12-31 08699498 2018-01-01 2018-12-31 08699498 2018-12-31 08699498 core:WithinOneYear 2018-12-31 08699498 core:AfterOneYear 2018-12-31 08699498 bus:EntityAccountantsOrAuditors 2018-01-01 2018-12-31 08699498 bus:OrdinaryShareClass1 2019-01-01 2019-12-31 08699498 bus:OrdinaryShareClass1 2019-12-31 08699498 bus:OrdinaryShareClass1 2018-01-01 2018-12-31 08699498 bus:OrdinaryShareClass1 2018-12-31 08699498 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 08699498 core:CostValuation core:Non-currentFinancialInstruments 2018-12-31 08699498 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2019-12-31 08699498 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2019-12-31 08699498 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2019-12-31 08699498 core:Non-currentFinancialInstruments 2019-12-31 08699498 core:Non-currentFinancialInstruments 2018-12-31 08699498 core:ShareCapital 2019-12-31 08699498 core:ShareCapital 2018-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2019-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2018-12-31 08699498 core:ShareCapitalOrdinaryShares 2019-01-01 08699498 core:ShareCapitalOrdinaryShares 2018-01-01 08699498 core:ShareCapitalOrdinaryShares 2019-01-01 2019-12-31 08699498 core:ShareCapitalOrdinaryShares 2018-01-01 2018-12-31 08699498 core:ShareCapitalOrdinaryShares 2019-12-31 08699498 core:ShareCapitalOrdinaryShares 2018-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2019-01-01 08699498 core:RetainedEarningsAccumulatedLosses 2018-01-01 08699498 core:RetainedEarningsAccumulatedLosses 2019-01-01 2019-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2018-01-01 2018-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2019-12-31 08699498 core:RetainedEarningsAccumulatedLosses 2018-12-31 08699498 dpl:Item1 2019-01-01 08699498 dpl:Item1 2019-12-31 08699498 dpl:Item1 2018-01-01 08699498 dpl:Item1 2018-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: 08699498
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2019

for

PARALLEL CONTEMPORARY RACING LTD

Parallel Contemporary Racing Ltd
Contents Page
For the year ended 31 December 2019
Director J D N Ciclitira
Registered Number 08699498
Registered Office 3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
Accountants Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
Secretary Sole Associates SVR Ltd
1
The directors present their annual report and the financial statements for the year ended 31 December 2019
Director
The director who served the company throughout the year was as follows:
J D N Ciclitira
Statement of director's responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Each director who held office at the date of approval of this directors' report confirms that
  • So far as the director is aware , there is no relevant audit information needed by the company’s auditor in connection with preparing their report, of which the company auditor is unaware and
  • The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies regime

This report has been prepared taking advantage of the exemptions for small companies within Part 15 of the Companies Act 2006.
Additional Notes
The Company changed its name from Parallel Contemporary Music Ltd to Parallel Contemporay Racing Ltd on 22 march 2019.

On behalf of the board.


----------------------------------
J D N Ciclitira
Director

Date approved: 02 September 2020
2
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Parallel Contemporary Racing Ltd for the year ended 31 December 2019 which comprise the Income Statement, the Statement of Financial Position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Parallel Contemporary Racing Ltd, as a body, in accordance with the terms of our engagement letter dated 02 September 2020. Our work has been undertaken solely to prepare for your approval the accounts of Parallel Contemporary Racing Ltd and state those matters that we have agreed to state to the Board ofs of Parallel Contemporary Racing Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parallel Contemporary Racing Ltd and its members as a body for our work or for this report.

It is your duty to ensure that Parallel Contemporary Racing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Parallel Contemporary Racing Ltd. You consider that Parallel Contemporary Racing Ltd 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 accounts of Parallel Contemporary Racing Ltd. 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 accounts.



....................................................
Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
02 September 2020
3
 
 		 Notes
 		 2019
£		   2018
£
Current assets      
Debtors: amounts falling due within one year 2 8,883    - 
Creditors: amount falling due within one year 3 (131,817)   (148,133)
Net current assets (122,934)   (148,133)
 
Total assets less current liabilities (122,934)   (148,133)
Net assets (122,934)   (148,133)
 

Capital and reserves 		     
Called up share capital 4 100    100 
Profit and loss account (123,034)   (148,233)
Shareholders funds (122,934)   (148,133)
 


For the year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 02 September 2020 and were signed by:


--------------------------------
J D N Ciclitira
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2018 100  (147,254) (147,154)
Profit for the year (979) (979)
Total comprehensive income for the year -  (979) (979)
Total investments by and distributions to owners -  -  - 
At 31 December 2018 100  (148,233) (148,133)
At 01 January 2019 100  (148,233) (148,133)
Profit for the year 25,199  25,199 
Total comprehensive income for the year -  25,199  25,199 
Total investments by and distributions to owners -  -  - 
At 31 December 2019 100  (123,034) (122,934)
5
General Information
Parallel Contemporary Racing Ltd is a private company, limited by shares , registered in England and Wales , registration number 08699498 , registration address 3 Park Court, Pyrford Road, West Byfleet, Surrey, KT14 6SD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
2.

Debtors: amounts falling due within one year

2019
£		   2018
£
Amounts due from Parallel Contemporary Ltd 8,883    - 
8,883    - 

3.

Creditors: amount falling due within one year

2019
£		   2018
£
Trade Creditors 6    6 
Bank Loans & Overdrafts -    179 
Amounts owed to Parallel Contemporary Art Ltd -    16,009 
Accrued Expenses 116,709    116,709 
Director: J D N Ciclitira 5,265    5,265 
VAT 9,837    9,965 
131,817    148,133 

4.

Share Capital

Allotted
2019
£		   2018
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

5.

Parent Company

The parent company is Parallel Group Live Ltd, a company which is incorporated in England and Wales.
6