S.D. Parr & Company Limited - Period Ending 2021-12-31
S.D. Parr & Company Limited - Period Ending 2021-12-31
Registration number:
S.D. Parr & Company Limited
for the Year Ended 31 December 2021
S.D. Parr & Company Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
S.D. Parr & Company Limited
Company Information
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Director |
Mr Julio Perez Ruiz |
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Company secretary |
Thorntons Accountants |
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Registered office |
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Auditors |
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S.D. Parr & Company Limited
(Registration number: 01531556)
Balance Sheet as at 31 December 2021
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Note |
2021 |
2020 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
180,000 |
180,000 |
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Capital redemption reserve |
20,000 |
20,000 |
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Profit and loss account |
(1,259) |
7,459 |
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Shareholders' funds |
198,741 |
207,459 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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S.D. Parr & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director has assessed the appropriateness of the going concern concept in relation to these financial statements and considers that the accounts should be prepared on a going concern basis. This conclusion has been reached based upon having access to sufficient funds to be able to meet its liabilities and obligations as they fall due for at least twelve months from approving these financial statements, as well as receiving the support of the parent company for the same period, whom the director believes is capable of providing any support that may be required.
The director has made enquiries and assessed the continuing impact of Covid-19 on the company. Whilst the impact of Covid-19 is likely to be long lasting and will affect the global economy for the foreseeable future, the director believes that the Company has adequate resources to continue operating for the foreseeable future. Thus he has continued to adopt the going concern basis of accounting in preparing the Company's financial statements.
The director continues to monitor the impact of Brexit and the geopolitical situation in Ukraine on the company but, in his opinion, it has been minimal so far. The director therefore believes that the going concern assumption to be appropriate given the company's working capital position and also the availability of support from its parent company.
S.D. Parr & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Revenue recognition
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company remains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be reliably measured;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be reliably measured.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
All foreign exchange gains and losses have been presented in the Profit and Loss Account within "administrative expenses".
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
S.D. Parr & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate. The company does not currently apply hedge accounting to interest rate and foreign exchange derivatives.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Stocks |
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2021 |
2020 |
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Finished goods and goods for resale |
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There were no impairments recognised in either this year or the previous year.
S.D. Parr & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Debtors |
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2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Related party transactions |
As at the 31 December 2021, the company owed £935,553 (2020: £1,339,874) to the parent company, Dulces Y Conservas Helios S.A. The balance is unsecured, interest free and repayable on demand.
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Parent and ultimate parent undertaking |
The immediate and ultimate parent is Dulces y Conservas Helios S.A., a company incorporated in Spain. This is also the parent of the smallest and largest group into which these financial statements are consolidated. The consolidated financial statements are available from Dulces y Conservas Helios S.A., Ctra. Burgos-Portugal, km 129, Apartado 371, 47080 Valladolid, Spain.
There is no ultimate controlling party.