Parker Parish Limited - Period Ending 2020-03-31

Parker Parish Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Parker Parish Limited

Company Information

Directors	Mr R J Parker Mrs K I J Parker

Company secretary

Mrs K I J Parker

Registered office

16 Dorcan Business Village Murdock Road Dorcan Swindon Wiltshire SN3 5HY

Accountants

Ross Brooke Limited Chartered Accountants 16 Dorcan Business Village Murdock Road, Dorcan Swindon Wiltshire SN3 5HY

Parker Parish Limited

(Registration number: 04189314)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	8,792	444
Investment property	6	446,500	446,500
		455,292	446,944
Current assets
Debtors	7	812	2,868
Cash at bank and in hand		1,976	4,226
		2,788	7,094
Creditors: Amounts falling due within one year	8	(181,646)	(170,158)
Net current liabilities		(178,858)	(163,064)
Total assets less current liabilities		276,434	283,880
Creditors: Amounts falling due after more than one year	8	(55,937)	(68,157)
Provisions for liabilities		(5,726)	(4,139)
Net assets		214,771	211,584
Capital and reserves
Called up share capital		20,000	20,000
Other reserves		141,972	137,922
Profit and loss account		52,799	53,662
Shareholders' funds		214,771	211,584

Parker Parish Limited

(Registration number: 04189314)
Balance Sheet as at 31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 December 2020 and signed on its behalf by:
 

.........................................

Mr R J Parker
Director

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Dorcan Business Village
Murdock Road
Dorcan
Swindon
Wiltshire
SN3 5HY
England

The principal place of business is:
30 Benwell Close
Westlea
Swindon
Wiltshire
SN5 7BY

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment properties are valued by the director Mr R J Parker based on his estimate of the open market value at each balance sheet date.

Revenue recognition

Turnover represents the value of building and maintenance work undertaken and rents due to the company for the year.

Revenue from building services is recognised by reference to the stage of completion, when the stage of completion, cost incurred and costs to complete can be estimated reliabily. Where the outcome cannot be estimated reliaby, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Rental Income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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
Motor vehicles	25% straight line basis.
Plant and machinery	25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Taxation

	2020		2019
	£		£
Corporation tax	96		3,223
Deferred tax	1,587		2,153
	1,683		5,376

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2019 - 1).

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

5	Tangible assets

	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2019	1,522	4,794	6,316
Additions	211	9,713	9,924
Disposals	(636)	(4,794)	(5,430)
At 31 March 2020	1,097	9,713	10,810
Depreciation
At 1 April 2019	1,178	4,694	5,872
Charge for the year	189	1,214	1,403
Eliminated on disposal	(563)	(4,694)	(5,257)
At 31 March 2020	804	1,214	2,018
Carrying amount
At 31 March 2020	293	8,499	8,792
At 31 March 2019	344	100	444

6	Investment properties

	2020 £
At 1 April	446,500
At 31 March	446,500

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director R J Parker on an open market basis, by reference to market evidence of transaction prices for similar properties.
The historical cost of investment properties stated at fair value is £300,473 (2019 £300,473).

7

Debtors

	2020 £	2019 £
Prepayments	812	368
Other debtors	-	2,500
	812	2,868

Parker Parish Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

8

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Loans and borrowings	11,917	11,599
Trade creditors	110	-
Taxation and social security	96	3,223
Other creditors	167,353	153,201
Accrued expenses	2,170	2,135
	181,646	170,158

Creditors include bank loans and other loans securred by mortgages over the company's investment properties.

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		55,937	68,157

	2020 £	2019 £
Due after more than five years
After more than five years by instalments	4,616	21,761

	-	-

Creditors include bank loans and other loans securred by mortgages over the company's investment properties.
Amounts included above which fall due after five years, repayable by instalments are £4,616 (2019 £21,761).

9	Related party transactions

Other transactions with directors

Creditors: due within one year, include directors current accounts. There is no interest charged or formal repayment terms.
At the balance sheet date, amounts owed to directors were £167,353 ((2019 £153,201)