PARNHAM'S_LEISURE_LIMITED - Accounts
PARNHAM'S_LEISURE_LIMITED - Accounts
Parnham's Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Gadd House, Arcadia Avenue, London, N3 2JU.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
Properties at the following addresses are included above:
1. 11 Wight Drive Caister, Great Yarmouth, Norfolk
2. 64 Covent Garden Road, Caister, Great Yarmouth, Norfolk
3. Carousal, Yarmouth Rd, Hemsby, Great Yarmouth, Norfolk
4. 327 El Alamein Way, Bradwell, Great Yarmouth, Norfolk
5. 259 El Alamein Way, Bradwell, Great Yarmouth, Norfolk
6. 257 El Alamein Way, Bradwell, Great Yarmouth, Norfolk
7. 163 El Alamein Way, Bradwell, Great Yarmouth, Norfolk
8. 165 El Alamein Way, Bradwell, Great Yarmouth, Norfolk
9. 42 Caraway Drive, Bradwell, Great Yarmouth, Norfolk
10. 2 John Woodhouse Drive, Caister, Great Yarmouth, Norfolk
11. 4 John Woodhouse Drive, Caister, Great Yarmouth, Norfolk
12. Two Seasons, Hemsby, Great Yarmouth, Norfolk
13. Beech Road, Norfolk
14. 259 Church Road Banfleet-Ranking House
15. 9A Chertsey Bridge Road, Chertsey, KT16 8LF
16. 12 Chertsey Bridge Road, Chertsey, KT16 8LF
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors.The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Dividends totalling £54,105 (2021 - £18,400) were paid in the year in respect of shares held by the company's directors.
As at the balance sheet date, an amount of £32 (2021 - £3,734) was due to the directors of the company.
The ultimate control parties are Mr D Parnham and Mrs N Parnham by virtue of their directorship and shareholding.