Parrog Road Limited 31/03/2020 iXBRL

Parrog Road Limited 31/03/2020 iXBRL

PARROG ROAD LIMITED - Company Information

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Company registration number: 11852935
Parrog Road Limited
Unaudited filleted financial statements
31 March 2020
Parrog Road Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Parrog Road Limited
Directors and other information
Directors Mr Daniel Madge
Mr Samuel Hawking
Company number 11852935
Registered office 65 Station Road
Port Talbot
SA13 1NW
Business address 65 Station Road
Port Talbot
SA13 1NW
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Parrog Road Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Parrog Road Limited
Period ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parrog Road Limited for the period ended 31 March 2020 which comprise 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 firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Parrog Road Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Parrog Road Limited and state those matters that we have agreed to state to the board of directors of Parrog Road Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parrog Road Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Parrog Road 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 loss of Parrog Road Limited. You consider that Parrog Road Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Parrog Road 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.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
22 February 2021
Parrog Road Limited
Statement of financial position
31 March 2020
31/03/20
Note £ £
Current assets
Stocks 703,893
Debtors 4 2,594
Cash at bank and in hand 4,254
_______
710,741
Creditors: amounts falling due
within one year 5 ( 711,948)
_______
Net current liabilities ( 1,207)
_______
Total assets less current liabilities ( 1,207)
_______
Net liabilities ( 1,207)
_______
Capital and reserves
Called up share capital 2
Profit and loss account ( 1,209)
_______
Shareholders deficit ( 1,207)
_______
For the period 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2021 , and are signed on behalf of the board by:
Mr Daniel Madge Mr Samuel Hawking
Director Director
Company registration number: 11852935
Parrog Road Limited
Notes to the financial statements
Period ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 65 Station Road, Port Talbot, SA13 1NW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
31/03/20
£
Other debtors 2,594
_______
5. Creditors: amounts falling due within one year
31/03/20
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 710,748
Other creditors 1,200
_______
711,948
_______