Parker & Co Accountants Ltd Filleted accounts for Companies House (small and micro)

PARKER & CO ACCOUNTANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09428236

Parker & Co Accountants Ltd

Filleted Unaudited Financial Statements

30 June 2021

Parker & Co Accountants Ltd

Directors' Report

Year ended 30 June 2021

The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2021 .

Principal activities

The principal activity of the company during the year was that of acting as Professional Accountants and Business Advisors.

Directors

The directors who served the company during the year were as follows:

Mr K G Parker
Mr G G Pinder	(Appointed 1 May 2021)
Mr G A Townsend	(Appointed 26 March 2021)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 26 July 2021 and signed on behalf of the board by:

Mr K G Parker

Director

Registered office:

Summit House

10 Waterside Court

Newport

South Wales

NP20 5NT

Parker & Co Accountants Ltd

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	100,000	100,000
Tangible assets	6	33,368	9,457
Investments	7	20,000	20,000
		---------	---------
		153,368	129,457

Current assets

Stocks		19,250	18,000
Debtors	8	121,788	113,105
Cash at bank and in hand		31,926	33,442
		---------	---------
		172,964	164,547

Creditors: amounts falling due within one year	9	141,068		125,422
		---------		---------
Net current assets			31,896	39,125
			---------	---------
Total assets less current liabilities			185,264	168,582

Creditors: amounts falling due after more than one year
Bank loans and overdrafts	115,127	145,482
	---------	---------
Net assets	70,137	23,100
	---------	---------

Capital and reserves

Called up share capital	1,002	1,002
Profit and loss account	69,135	22,098
	--------	--------
Shareholders funds	70,137	23,100
	--------	--------

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 has not been delivered.

For the year ending 30 June 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 year 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 .

Parker & Co Accountants Ltd

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 26 July 2021 , and are signed on behalf of the board by:

Mr K G Parker

Director

Company registration number: 09428236

Parker & Co Accountants Ltd

Notes to the Financial Statements

Year ended 30 June 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 Summit House, 10 Waterside Court, Newport, South Wales, NP20 5NT, UK.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2020 and 30 June 2021	100,000
	---------
Amortisation
At 1 July 2020 and 30 June 2021	–
	---------
Carrying amount
At 30 June 2021	100,000
	---------
At 30 June 2020	100,000
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2020	2,314	–	13,626	15,940
Additions	–	24,000	6,661	30,661
	-------	--------	--------	--------
At 30 June 2021	2,314	24,000	20,287	46,601
	-------	--------	--------	--------
Depreciation
At 1 July 2020	1,076	–	5,407	6,483
Charge for the year	300	4,300	2,150	6,750
	-------	--------	--------	--------
At 30 June 2021	1,376	4,300	7,557	13,233
	-------	--------	--------	--------
Carrying amount
At 30 June 2021	938	19,700	12,730	33,368
	-------	--------	--------	--------
At 30 June 2020	1,238	–	8,219	9,457
	-------	--------	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2020 and 30 June 2021	20,000
	--------
Impairment
At 1 July 2020 and 30 June 2021	–
	--------

Carrying amount
At 30 June 2021	20,000
	--------
At 30 June 2020	20,000
	--------

8. Debtors

	2021	2020
	£	£
Trade debtors	107,166	91,618
Other debtors	14,622	21,487
	---------	---------
	121,788	113,105
	---------	---------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	41,826	36,436
Trade creditors	7,973	10,329
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,000	1,500
Corporation tax	30,939	32,280
Social security and other taxes	56,105	43,178
Other creditors	225	1,699
	---------	---------
	141,068	125,422
	---------	---------

10. Related party transactions

The company was under the control of Mr KG Parker. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 1A.

11. Subsidiaries

The following companies are 100% subsidiaries of Parker & Co Accountants Limited.

Parker Griffiths Limited

Parker & Co Wills Limited