Parallel Contemporary Art Limited - Accounts

PARALLEL CONTEMPORARY ART LIMITED - Company Information

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Registered Number: 07285923

England and Wales

Unaudited Financial Statements

for the year ended 31 December 2021

for

PARALLEL CONTEMPORARY ART LIMITED

Parallel Contemporary Art Limited
Contents Page
For the year ended 31 December 2021

Company information	1
Accountants' report	2
Statement of financial position	3
Notes to the financial statements	4

Parallel Contemporary Art Limited
Company Information
For the year ended 31 December 2021

Directors	JDN Ciclitira MS Papi
Registered Number	07285923
Registered Office	3 Park Court Pyrford Road West Byfleet Surrey KT14 6SD
Accountants	Sole Associates SVR Ltd 3 Park Court Pyrford Road West Byfleet Surrey KT14 6SD

Parallel Contemporary Art Limited Accountants' Report For the year ended 31 December 2021
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Parallel Contemporary Art Limited for the year ended 31 December 2021 which comprise the Income Statement, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com. This report is made solely to the member of Parallel Contemporary Art Limited, as a body, in accordance with the terms of our engagement letter dated 16 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of Parallel Contemporary Art Limited and state those matters that we have agreed to state to the Board ofs of Parallel Contemporary Art Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parallel Contemporary Art Limited and its members as a body for our work or for this report. It is your duty to ensure that Parallel Contemporary Art Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Loss of Parallel Contemporary Art Limited. You consider that Parallel Contemporary Art Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Parallel Contemporary Art 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 accounts. .................................................... Sole Associates SVR Ltd 3 Park Court Pyrford Road West Byfleet Surrey KT14 6SD 16 September 2022 2

Parallel Contemporary Art Limited
Accountants' Report
For the year ended 31 December 2021

In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Parallel Contemporary Art Limited for the year ended 31 December 2021 which comprise the Income Statement, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Parallel Contemporary Art Limited, as a body, in accordance with the terms of our engagement letter dated 16 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of Parallel Contemporary Art Limited and state those matters that we have agreed to state to the Board ofs of Parallel Contemporary Art Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parallel Contemporary Art Limited and its members as a body for our work or for this report.

It is your duty to ensure that Parallel Contemporary Art Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Loss of Parallel Contemporary Art Limited. You consider that Parallel Contemporary Art Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Parallel Contemporary Art 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 accounts.

....................................................
Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
16 September 2022

Registered Number: 07285923 Parallel Contemporary Art Limited
Statement of Financial Position
As at 31 December 2021

	Notes	2021 £	2020 £
Fixed assets
Investments	3	100	100
		100	100
Current assets
Debtors: amounts falling due within one year	4	173,364	532,191
Cash at bank and in hand		-	421
		173,364	532,612
Creditors: amount falling due within one year	5	(2,513,927)	(2,414,825)
Net current liabilities		(2,340,563)	(1,882,213)

Total assets less current liabilities		(2,340,463)	(1,882,113)
Creditors: amount falling due after more than one year	6	(27,350)	(41,833)
Net liabilities		(2,367,813)	(1,923,946)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(2,367,913)	(1,924,046)
Shareholder's funds		(2,367,813)	(1,923,946)

For the year ended 31 December 2021 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 accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.

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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors on 16 September 2022 and were signed on its behalf by:

--------------------------------
JDN Ciclitira
Director

Parallel Contemporary Art Limited
Notes to the Financial Statements
For the year ended 31 December 2021

General Information

Parallel Contemporary Art Limited is a private company, limited by shares, registered in England and Wales, registration number 07285923, registration address 3 Park Court, Pyrford Road, West Byfleet, Surrey, KT14 6SD.

The presentation currency is £ sterling.

Accounting policies

Significant accounting policies

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.

2.	Average number of employees Average number of employees during the year was 0 (2020 : 0).

Investments

Cost	Other investments other than loans	Total
	£	£
At 01 January 2021	100	100
Additions	-	-
Transfer to/from Tangible fixed assets	-	-
Disposals	-	-
At 31 December 2021	100	100

Debtors: amounts falling due within one year

	2021 £	2020 £
Trade Debtors	136,925	294,154
Other Debtors	23,574	50,679
Amount owed by Start (2013) Ltd	2,549	187,358
Directors' Current Accounts	10,316	-
	173,364	532,191

Creditors: amount falling due within one year

	2021 £	2020 £
Trade Creditors	930,398	971,109
Bank Loans & Overdrafts	10,321	-
Amount owed to Parallel Contemporary Music Ltd	-	4,894
Corporation Tax	15,297	30,297
PAYE & Social Security	2,079	2,079
Accrued Expenses	1,057,191	1,157,191
Other Creditors	498,641	116,216
Director: JDN Ciclitira	-	81,375
VAT	-	51,664
	2,513,927	2,414,825

Creditors: amount falling due after more than one year

	2021 £		2020 £
Bank Loans & Overdrafts	27,350		41,833
	27,350		41,833

Share Capital

Allotted, called up and fully paid	2021 £		2020 £
100 Ordinary shares of £1.00 each	100		100
	100		100

8.	Investment The investment relates to 100 £1 shares in Startnet (Global) Limited.