Parsonage Chambers Limited 31/03/2021 iXBRL

Parsonage Chambers Limited 31/03/2021 iXBRL

PARSONAGE CHAMBERS LIMITED - Company Information

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Company registration number: 04034035
Parsonage Chambers Limited
Unaudited filleted financial statements
31 March 2021
Parsonage Chambers Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Parsonage Chambers Limited
Directors and other information
Directors Mrs Linzi Parkinson
Mr Richard Parkinson
Secretary R C W Parkinson
Company number 04034035
Registered office 14 Kennedy Street
Manchester
M2 4BY
Business address The Old Law Library
14 Kennedy Street
Manchester
M2 4BY
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Handelsbanken
4th Floor
Kabel House
13 Quay Street
Manchester
M3 3HN
Parsonage Chambers Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 5 684,440 684,440
_______ _______
684,440 684,440
Total assets less current liabilities 684,440 684,440
Creditors: amounts falling due
after more than one year 6 ( 666,967) ( 666,967)
_______ _______
Net assets 17,473 17,473
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 17,471 17,471
_______ _______
Shareholders funds 17,473 17,473
_______ _______
For the 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:
- 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2021 , and are signed on behalf of the board by:
Mrs Linzi Parkinson
Director
Company registration number: 04034035
Parsonage Chambers Limited
Notes to the financial statements
Year ended 31 March 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 14 Kennedy Street, Manchester, M2 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets .
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 or 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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2020 and 31 March 2021 684,440 684,440
_______ _______
Impairment
At 1 April 2020 and 31 March 2021 - -
_______ _______
Carrying amount
At 31 March 2021 684,440 684,440
_______ _______
At 31 March 2020 684,440 684,440
_______ _______
6. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 666,967 666,967
_______ _______
7. Contingent assets and liabilities
The company has provided cross guarantees secured on its assets in respect of the total indebtedness to Handelsbanken, in respect of Fortunelodge Limited and Openspan Limited. At 31 March 2021 the total amount owed to the bank under this cross guarantee was £3,969,390. ( 2020 - £3,969,390 ).