S.D. Parr & Company Limited - Period Ending 2020-12-31

S.D. Parr & Company Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

S.D. Parr & Company Limited

Company Information

Director

Mr Julio Perez Ruiz

Company secretary

Thorntons Accountants

Registered office

Bbic Snydale Road Cudworth Barnsley South Yorkshire S72 8RP

Auditors

EKWilliams Accountants Limited 1 Pavilion Square Westhoughton Bolton BL5 3AJ

S.D. Parr & Company Limited

(Registration number: 01531556)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Current assets
Stocks	4	278,511	120,786
Debtors	5	234,581	308,246
Cash at bank and in hand		1,114,665	554,761
		1,627,757	983,793
Creditors: Amounts falling due within one year	6	(1,420,298)	(797,678)
Net assets		207,459	186,115
Capital and reserves
Called up share capital		180,000	180,000
Capital redemption reserve		20,000	20,000
Profit and loss account		7,459	(13,885)
Total equity		207,459	186,115

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 director on 22 June 2021
 

.........................................

Mr Julio Perez Ruiz
Director

S.D. Parr & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Bbic
Snydale Road Cudworth
Barnsley
South Yorkshire
S72 8RP

These financial statements were authorised for issue by the director on 22 June 2021.

2	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 potential 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 on the company but, in his opinion, it has been minimal. The director therefore believes that the going concern assumption to be approporiate given the company's working capital position and also the availability of support from its parent company.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 June 2021 was Peter Brassington ACA FCCA, who signed for and on behalf of EKWilliams Accountants Limited.

S.D. Parr & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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

The Company's functional currency is GBP.

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.

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.

S.D. Parr & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

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.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2019 - 4).

4

Stocks

	2020 £	2019 £
Finished goods and goods for resale	278,511	120,786

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 2020

5

Debtors

	2020 £	2019 £
Trade debtors	231,220	277,885
Prepayments	-	20,000
Other debtors	3,361	10,361
	234,581	308,246

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		36,404	9,427
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	1,339,874	745,371
Taxation and social security		26,118	11,384
Accruals and deferred income		17,902	31,496
		1,420,298	797,678

7	Related party transactions

As at the 31 December 2020, the company owed £1,339,874 (2019: £745,371) to the parent company, Dulces Y Conservas Helios S.A.

8	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.