Parc Canol Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06486709 (England and Wales)

PARC CANOL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr G Marsh

Dr K I Burkhardt

Dr P J Howarth

Dr T P O'Leary

Dr B N Purbey

Dr H L W Davies

G W Thomas

REGISTERED OFFICE:

55 Ridgeway Road

Rumney

Cardiff

CF3 4AB

REGISTERED NUMBER:

06486709 (England and Wales)

FIXED ASSETS

Tangible assets

4

15,288

18,447

CURRENT ASSETS

Stocks

5

101,000

50,000

Debtors

6

240,140

208,657

Cash in hand

584

1,796

341,724

260,453

CREDITORS

Amounts falling due within one year

7

321,718

265,890

NET CURRENT ASSETS/(LIABILITIES)

20,006

(5,437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

35,294

13,010

CREDITORS

Amounts falling due after more than one year

8

23,579

45,356

NET ASSETS/(LIABILITIES)

11,715

(32,346

)

CAPITAL AND RESERVES

Called up share capital

11

104

104

Retained earnings

12

11,611

(32,450

)

SHAREHOLDERS' FUNDS

11,715

(32,346

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2021 and were signed on its behalf by:

G W Thomas - Director

1.	STATUTORY INFORMATION

Parc Canol Limited is a private company, limited by shares , registered in England and Wales. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflow of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:-

Revenue represents retail sales to customers and is measured at fair value of the consideration received or receivable and is recognised on the day that the sale is made.

NHS income is recognised in the period which it is due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

11,995

32,393

4,950

5,773

55,111

Additions

-

-

-

1,011

1,011

At 31 March 2020

11,995

32,393

4,950

6,784

56,122

DEPRECIATION

At 1 April 2019

500

25,441

4,950

5,773

36,664

Charge for year

2,874

1,043

-

253

4,170

At 31 March 2020

3,374

26,484

4,950

6,026

40,834

NET BOOK VALUE

At 31 March 2020

8,621

5,909

-

758

15,288

At 31 March 2019

11,495

6,952

-

-

18,447

5.

STOCKS

2020

2019

as restated

£

£

Stocks

101,000

50,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

198,362

174,252

Other debtors

144

144

VAT

41,189

32,978

Prepayments

445

1,283

240,140

208,657

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Bank loans and overdrafts (see note 9)

64,478

53,267

Hire purchase contracts

1,659

1,659

Trade creditors

246,210

186,563

Tax

160

6,420

Social security and other taxes

2,594

(1,636

)

Directors' current accounts

-

13,000

Accrued expenses

6,617

6,617

321,718

265,890

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

as restated

£

£

Bank loans (see note 9)

12,593

32,711

Hire purchase contracts

10,986

12,645

23,579

45,356

9.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

as restated

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

49,978

38,767

Bank loans

14,500

14,500

64,478

53,267

Amounts falling due between two and five years:

Bank loans - 2-5 years

12,593

32,711

10.	SECURED DEBTS

The company's bankers, Santander UK PLC, hold a debenture comprising fixed and floating charges over all property and assets of the company.

Hire purchase contracts relate to fixtures and fittings for the use of the company and are secured against the assets which it relates.

11.	CALLED UP SHARE CAPITAL

12.

RESERVES

Retained

earnings

£

At 1 April 2019

54,096

Prior year adjustment

(86,546

)

(32,450

)

Profit for the year

44,061

At 31 March 2020

11,611

13.	POST BALANCE SHEET EVENTS

Within note 2 the directors have considered the impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors are confident that the entity has adequate resources to continue in operational existence for the foreseeable future.

The directors consider this a non-adjusting post balance sheet event.

On 22 July 2020 100% of the share capital was acquired by Gareth Thomas Limited. Gareth Thomas Limited is the ultimate controlling party.