Parlour Rooms Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05053303 (England and Wales)

Financial Statements

for the Year Ended 31 March 2020

for

Parlour Rooms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Simpson

Mrs J Simpson

REGISTERED OFFICE:

12a Marlborough Place

Brighton

BN1 1WN

REGISTERED NUMBER:

05053303 (England and Wales)

ACCOUNTANTS:

Clarke Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Intangible assets

4

82,500

90,000

Tangible assets

5

1,015,962

1,043,809

Investments

6

36,918

36,918

1,135,380

1,170,727

CURRENT ASSETS

Stocks

10,000

10,000

Debtors

7

1,577,153

575,759

Cash at bank

2,565,315

3,189,802

4,152,468

3,775,561

CREDITORS

Amounts falling due within one year

8

474,072

488,654

NET CURRENT ASSETS

3,678,396

3,286,907

TOTAL ASSETS LESS CURRENT LIABILITIES

4,813,776

4,457,634

PROVISIONS FOR LIABILITIES

9

18,291

23,584

NET ASSETS

4,795,485

4,434,050

CAPITAL AND RESERVES

Called up share capital

10

990

990

Retained earnings

11

4,794,495

4,433,060

SHAREHOLDERS' FUNDS

4,795,485

4,434,050

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 30 March 2021 and were signed on its behalf by:

S J Simpson - Director

1.	STATUTORY INFORMATION

Parlour Rooms Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

150,000

AMORTISATION

At 1 April 2019

60,000

Amortisation for year

7,500

At 31 March 2020

67,500

NET BOOK VALUE

At 31 March 2020

82,500

At 31 March 2019

90,000

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2019

604,189

315,494

274,023

Additions

-

-

4,246

At 31 March 2020

604,189

315,494

278,269

DEPRECIATION

At 1 April 2019

-

-

173,742

Charge for year

-

-

26,132

At 31 March 2020

-

-

199,874

NET BOOK VALUE

At 31 March 2020

604,189

315,494

78,395

At 31 March 2019

604,189

315,494

100,281

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

43,196

22,741

1,805

1,261,448

Additions

-

-

-

4,246

At 31 March 2020

43,196

22,741

1,805

1,265,694

DEPRECIATION

At 1 April 2019

36,737

5,685

1,475

217,639

Charge for year

1,614

4,264

83

32,093

At 31 March 2020

38,351

9,949

1,558

249,732

NET BOOK VALUE

At 31 March 2020

4,845

12,792

247

1,015,962

At 31 March 2019

6,459

17,056

330

1,043,809

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

36,918

NET BOOK VALUE

At 31 March 2020

36,918

At 31 March 2019

36,918

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

4,210

6,900

Amounts owed by group undertakings

583,398

405,186

Other debtors

-

210

Sundry debtor

376,500

159,000

Loan - Karl Hedges

275,000

-

Directors' current accounts

334,912

-

Prepayments and accrued income

3,133

4,463

1,577,153

575,759

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

72,306

99,862

Amounts owed to group undertakings

154,412

187,596

Tax

99,721

90,916

Social security and other taxes

8,269

17,501

VAT

19,796

18,575

Other creditors

11,866

46,049

Directors' current accounts

-

2,252

Accruals and deferred income

104,702

22,903

Accrued expenses

3,000

3,000

474,072

488,654

9.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

18,291

23,584

Deferred

tax

£

Balance at 1 April 2019

23,584

Accelerated capital allowances

(5,293

)

Balance at 31 March 2020

18,291

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

980

Ordinary A

1

980

980

10

Ordinary B

1

10

10

990

990

11.

RESERVES

Retained

earnings

£

At 1 April 2019

4,433,060

Profit for the year

409,435

Dividends

(48,000

)

At 31 March 2020

4,794,495

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

S J Simpson

Balance outstanding at start of year

(2,258

)

-

Amounts advanced

212,170

-

Amounts repaid

-

(2,258

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

209,912

(2,258

)

Mrs J Simpson

Balance outstanding at start of year

-

-

Amounts advanced

125,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

125,000

-

The overdrawn amounts were repaid to the company by 30 November 2020.

Interest has been charged on the overdrawn balances at the official HM Revenue & Customs rate.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £48,000 (2019 - £43,000) were paid to the directors .

14.	CONTROLLING PARTY

The company is controlled by its director, S J Simpson, by virtue of his majority ownership of the issued share capital.