Parsons Nationwide Distribution Ltd - Period Ending 2021-03-31
Parsons Nationwide Distribution Ltd - Period Ending 2021-03-31
Registration number:
Parsons Nationwide Distribution Ltd
for the Year Ended 31 March 2021
Parsons Nationwide Distribution Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Parsons Nationwide Distribution Ltd
Company Information
Directors |
Mrs N A Hoskin Mr R J Hoskin Miss N A Hoskin |
Company secretary |
Mr K A Hoskin |
Registered office |
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Solicitors |
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Accountants |
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Parsons Nationwide Distribution Ltd
(Registration number: 3746821)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
6,250 |
6,250 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
115,602 |
115,602 |
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Profit and loss account |
1,206,101 |
800,280 |
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Shareholders' funds |
1,321,803 |
915,982 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Parsons Nationwide Distribution Ltd
(Registration number: 3746821)
Balance Sheet as at 31 March 2021
Approved and authorised by the
.........................................
Director
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Common Farm
Aylesbeare
Exeter
Devon
EX5 2DG
England
These financial statements were authorised for issue by the
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.
The accounts are presented in £ sterling and rounded to £1
Judgements
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Tax
The tax expense for the period comprises deferred 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.
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
The company has adopted a policy of writing off items of plant and machinery over 12 years old.
Depreciation is apportioned pro-rata in respect of all additions and disposals during the period.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings long leasehold |
2% straight line basis |
Plant and machinery |
15/20% reducing balance basis |
Fleet number plates |
Nil |
Commercial vehicles and trailers |
15/20% reducing balance basis |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
The company uses invoice discounting in respect of some of its trade debtors. An unlinked presentation has been adopted due to the terms of the discounting and trade debtors are shown gross within the balance sheet.
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
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.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
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.
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Financial instruments
Classification
Recognition and measurement
Investments in non-puttable non quoted, ordinary shares are measured at cost less impairment.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows, discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2021 |
2020 |
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Depreciation expense |
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Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Long Leasehold Land and buildings |
Fleet number plates |
Commercial vehicles and trailers |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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Disposals |
- |
- |
( |
( |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
( |
( |
( |
At 31 March 2021 |
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- |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Included within the net book value of land and buildings above is £16,442 (2020 - £10,935) in respect of long leasehold land and buildings.
Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Investment properties |
2021 |
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At 1 April |
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At 31 March |
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The fair value of the property at 31st March 2021 has been arrived at on the basis of a valuation carried out by Mrs N Hoskin, director of the company, who is not a professionally qualified valuer. The valuation is not considered to have changed between 1st April 2020 and 31st March 2021. The valuation is arrived at by reference to rental values achieved for similar properties.
The historic cost of the investment property was £214,789 (2020 : £214,789) and the aggregate depreciation thereon would have been £85,654 (2020:£81,359)
There has been no valuation of investment property by an independent valuer.
The company's investment property is built on land owned by the director and therefore could only be sold for the value shown in the accounts with the director's agreement to sell the land at the same time.
Other financial assets (current and non-current) |
2021 |
2020 |
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Non-current financial assets |
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Financial assets at cost less impairment |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Directors loan account |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £363,143 (2020 - £500,238).
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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HP and finance lease liabilities |
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The bank loan and overdraft are secured by a company debenture and a limited personal guarentee given by Mrs N A Hoskin, company director.
Advances on discounted debts are secured using the company's debtors.
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £876,319 (2020 - £581,086).
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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60 |
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60 |
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30 |
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30 |
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10 |
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10 |
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