Parnall Foundation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09916577 (England and Wales)

PARNALL FOUNDATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R M B Parnall

REGISTERED OFFICE:

15 - 19 Westgate Street

Launceston

Cornwall

PL15 7AB

REGISTERED NUMBER:

09916577 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

-

243,906

CURRENT ASSETS

Debtors

50,047

51,108

Cash at bank

381

498

50,428

51,606

CREDITORS

Amounts falling due within one year

424,137

403,001

NET CURRENT LIABILITIES

(373,709

)

(351,395

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(373,709

)

(107,489

)

RESERVES

Income and expenditure account

(373,709

)

(107,489

)

(373,709

)

(107,489

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 December 2021 and were signed by:

R M B Parnall - Director

1.	STATUTORY INFORMATION

Parnall Foundation Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost and then subsequently revalued at the end of each financial year at fair value. If there is not an active market relevant to the Intangible Asset, then the carrying amount of the asset will be its revalued amount at the date of the last revaluation, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.

Development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

- The technical feasibility of completing the asset so that it will be available for use or sale.

- The intention to complete the asset and use or sell it.

- The ability to use the asset or to sell it.

- How the asset will generate probable future economic benefits.

- The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset.

- The ability to measure reliably the expenditure attributable to the asset during its development.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in Income Statement in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in Income Statement in the periods expected to be benefitted.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

243,906

AMORTISATION

Impairments

243,906

At 31 December 2020

243,906

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

243,906

6.	ULTIMATE CONTROLLING PARTY

These financial statements contain information regarding Parnall Foundation Limited as an individual company. It is included by full consolidation in the consolidated financial statements of its parent, Parnall Group Limited, whose registered office is15-19 Westgate Street, Launceston, Cornwall, PL15 7AB.