Parallel Lines - The Advisor Collective Ltd Filleted accounts for Companies House (small and micro)

PARALLEL LINES - THE ADVISOR COLLECTIVE LTD - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2020-05-11 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 12596837 2020-05-11 2021-05-31 12596837 2021-05-31 12596837 bus:Director1 2020-05-11 2021-05-31 12596837 core:WithinOneYear 2021-05-31 12596837 core:ShareCapital 2021-05-31 12596837 core:RetainedEarningsAccumulatedLosses 2021-05-31 12596837 bus:SmallEntities 2020-05-11 2021-05-31 12596837 bus:AuditExemptWithAccountantsReport 2020-05-11 2021-05-31 12596837 bus:FullAccounts 2020-05-11 2021-05-31 12596837 bus:SmallCompaniesRegimeForAccounts 2020-05-11 2021-05-31 12596837 bus:PrivateLimitedCompanyLtd 2020-05-11 2021-05-31

COMPANY REGISTRATION NUMBER: 12596837

Parallel Lines - The Advisor Collective Ltd

Filleted Unaudited Financial Statements

31 May 2021

Parallel Lines - The Advisor Collective Ltd

Balance Sheet

31 May 2021

	31 May 21
Note	£

Current assets

Debtors	4	6
Cash at bank and in hand		20,259
		--------
		20,265

Creditors: amounts falling due within one year	5	12,351
		--------
Net current assets		7,914
		-------
Total assets less current liabilities		7,914
		-------
Net assets		7,914
		-------

Capital and reserves

Called up share capital	6
Profit and loss account	7,908
	-------
Shareholders funds	7,914
	-------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.

For the period ending 31 May 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 financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 November 2021 , and are signed on behalf of the board by:

Mr C Masters

Director

Company registration number: 12596837

Parallel Lines - The Advisor Collective Ltd

Notes to the Financial Statements

Period from 11 May 2020 to 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11b Newton Court, Pendeford Business Park, Wolverhampton, West Midlands, WV9 5HB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	31 May 21
	£
Other debtors	6
	----

5. Creditors: amounts falling due within one year

	31 May 21
	£
Trade creditors	2,415
Corporation tax	1,855
Other creditors	8,081
	--------
	12,351
	--------

6. Related party transactions

During the period the company received £9,000 of consultancy income from both Talking Finances Ltd and Waymark Financial Ltd, both companies under common control. No amounts are owed by these companies as at 31 May 2021.