ACCOUNTS - Final Accounts preparation

PARNESON INVESTMENT COMPANY LIMITED - Company Information

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Registered number: 00844277

PARNESON INVESTMENT COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2020

PARNESON INVESTMENT COMPANY LIMITED

REGISTERED NUMBER: 00844277

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2020

		2020		2019
Note		£		£

Fixed assets
Investments	4		7,909		22,278
			7,909		22,278
Current assets
Cash at bank and in hand	5	10,775		10,762
		10,775		10,762
Creditors: amounts falling due within one year	6	(7,569)		(6,321)
Net current assets			3,206		4,441
Total assets less current liabilities			11,115		26,719

Net assets			11,115		26,719

Capital and reserves
Called up share capital	16,999	16,999
Profit and loss account	(5,884)	9,720
	11,115	26,719

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PARNESON INVESTMENT COMPANY LIMITED

REGISTERED NUMBER: 00844277

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 APRIL 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 January 2021.

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

S Seligman

Director

The notes on pages 3 to 4 form part of these financial statements.

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PARNESON INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

1.	General information

Parneson Investment Company is a private company limited by shares. It is incorporated in England and Wales (company number 00844277) and its registered office is 64 New Cavendish Street, London, W1G 8TB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net asset position the directors consider it appropriate to prepare the financial statements on a going concern basis.
Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company.
Accordingly the directors have continued to prepare the financial statements on the going concern basis.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

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PARNESON INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

4.	Fixed asset investments

		Listed investments
		£
	Cost or valuation
	At 1 May 2019	22,278
	Additions	905
	Revaluations	(15,274)
	At 30 April 2020	7,909

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	10,775	10,762
	10,775	10,762

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	6,319	5,071
Accruals and deferred income	1,250	1,250
	7,569	6,321

7.	Related party transactions
	Included in other creditors is an amount of £6,317 (2019: £5,067) due to the director .

8.	Post balance sheet events

Since the balance sheet date there has been a global pandemic from the outbreak of COVID-19. The potential impact of COVID-19 became significant in March 2020 and is causing widespread disruption to normal patterns of business activity across the world, including the UK.
The full impact is still unknown. It is therefore not currently possible to evaluate all the potential implications to the company’s trade, customers, suppliers and the wider economy.

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PARNESON INVESTMENT COMPANY LIMITED

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