Parkinson Business Finance Limited - Accounts to registrar (filleted) - small 18.2
Parkinson Business Finance Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 |
| FOR |
| PARKINSON BUSINESS FINANCE LIMITED |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PARKINSON BUSINESS FINANCE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chandler House |
| 7 Ferry Road Office Park |
| Riversway |
| Preston |
| Lancashire |
| PR2 2YH |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| BALANCE SHEET |
| 31 MAY 2020 |
| 31/5/20 | 31/5/19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 and authorised for issue on |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 1. | STATUTORY INFORMATION |
| Parkinson Business Finance Limited is a |
| 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 |
| Income recognition |
| Commission income represents commissions receivable in the accounting period, excluding value added tax. |
| Income from both operating lease agreements and hire purchase agreements is allocated over the period of the |
| agreement on a straight line basis. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
| Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are |
| charged to the profit and loss account as they are incurred. Freehold property is not depreciated as, in the opinion |
| of the directors, the estimated residual value of the property is such that any depreciation charge would be |
| immaterial. |
| 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. |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational |
| existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in |
| preparing the annual financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 June 2019 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2020 |
| DEPRECIATION |
| At 1 June 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2020 |
| NET BOOK VALUE |
| At 31 May 2020 |
| At 31 May 2019 |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2020 |
| DEPRECIATION |
| At 1 June 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2020 |
| NET BOOK VALUE |
| At 31 May 2020 |
| At 31 May 2019 |
| The freehold property held by by the company were valued on an open market basis by the Director. |
| 5. | DEBTORS |
| 31/5/20 | 31/5/19 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts receivable in respect of hire purchase contracts |
45,351 |
20,676 |
| Other debtors |
| Amounts falling due after more than one year: |
| Amounts receivable in respect of hire purchase contracts |
39,868 |
14,107 |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/5/20 | 31/5/19 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 11,175 | 3,810 |
| Directors' current accounts | 24,894 | 6,623 |
| Accrued expenses |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2020 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/5/20 | 31/5/19 |
| value: | £ | £ |
| Ordinary | £1 | 500 | 500 |
| 8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2020 and |
| 31 May 2019: |
| 31/5/20 | 31/5/19 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Any amounts owed from the Director during the year are repayable on demand. |
| Interest at a rate of 2.5% has been charged by the company on balances owing to the company during the year. |
| 9. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £140,000 were paid to the director . |