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 AUGUST 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G W Thomas

REGISTERED OFFICE:

55 Ridgeway Road

Rumney

Cardiff

CF3 4AB

REGISTERED NUMBER:

06486709 (England and Wales)

FIXED ASSETS

Tangible assets

4

26,800

30,541

CURRENT ASSETS

Stocks

5

50,000

41,000

Debtors

6

224,315

167,252

Cash at bank and in hand

26,812

1,554

301,127

209,806

CREDITORS

Amounts falling due within one year

7

195,634

176,911

NET CURRENT ASSETS

105,493

32,895

TOTAL ASSETS LESS CURRENT LIABILITIES

132,293

63,436

CREDITORS

Amounts falling due after more than one year

8

54,631

21,320

NET ASSETS

77,662

42,116

CAPITAL AND RESERVES

Called up share capital

11

104

104

Retained earnings

12

77,558

42,012

SHAREHOLDERS' FUNDS

77,662

42,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 27 May 2022 and were signed 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 cashflows of the business and has considered the facilities that are available to the company along with his continued support.

The directors have considered the ongoing impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors have and continue to take a number of actions to financially safeguard the company and minimise the effects of the Covid 19.

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 estimated selling price less cost to sell 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.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2020

11,995

32,393

4,950

25,981

75,319

Additions

-

1,000

-

6,221

7,221

At 31 August 2021

11,995

33,393

4,950

32,202

82,540

DEPRECIATION

At 1 September 2020

4,272

26,853

4,950

8,703

44,778

Charge for year

1,930

981

-

8,051

10,962

At 31 August 2021

6,202

27,834

4,950

16,754

55,740

NET BOOK VALUE

At 31 August 2021

5,793

5,559

-

15,448

26,800

At 31 August 2020

7,723

5,540

-

17,278

30,541

Assets, obtained under hire purchase contracts, are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives.

The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

5.

STOCKS

2021

2020

£

£

Stocks

50,000

41,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

171,707

141,117

Other debtors

1,212

144

Due from related undertakings

13,186

4,569

VAT

19,710

17,907

Prepayments

18,500

3,515

224,315

167,252

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Hire purchase contracts (see note 9)

7,457

6,559

Trade creditors

132,704

114,737

Tax

22,774

281

Social security and other taxes

-

2,579

Other creditors

17,068

38,956

Directors' current accounts

298

732

Accrued expenses

7,000

8,067

Deferred government grants

-

5,000

195,634

176,911

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank Loans due more than 1 yr

41,667

-

Hire purchase contracts (see note 9)

12,964

21,320

54,631

21,320

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021

2020

£

£

Net obligations repayable:

Within one year

7,457

6,559

Between one and five years

12,964

21,320

20,421

27,879

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable lease over the next 12 months of £24,000 (2020: £24,000).

10.	SECURED DEBTS

The company's bankers, Santander UK PLC, hold a fixed and floating charge with a negative pledge 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

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

104

Ordinary

£1

104

104

12.

RESERVES

Retained

earnings

£

At 1 September 2020

42,012

Profit for the year

127,046

Dividends

(91,500

)

At 31 August 2021

77,558

13.	DIRECTORS LOAN ACCOUNT

As at 31 August 2021 the company owed the director £298 (2020: £732) which is included within the creditors amounts falling due within one year.

The balance is interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available under FRS 102 section 33.1 A and has not disclosed transactions with wholly owned subsidiaries of immediate parent company Gareth Thomas Limited.