R S Parkin Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07317803 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

R S PARKIN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Parkin

Mr R Parkin

Mr D R Brooks

Mr D L Hibbert

Mr D L Mellor

Mr D Clarke

Mr P R Lynas

Mr R L Wells

REGISTERED OFFICE:

Unit 2, Carbon Court

Springvale Road

Park Springs

Barnsley

South Yorkshire

S72 7FF

REGISTERED NUMBER:

07317803 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

HSBC Bank PLC

5 Market Hill

Barnsley

South Yorkshire

S70 2PY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

443,328

379,231

443,328

379,231

CURRENT ASSETS

Stocks

1,519,175

1,163,814

Debtors

6

655,214

753,074

Cash at bank and in hand

590,127

501,669

2,764,516

2,418,557

CREDITORS

Amounts falling due within one year

7

817,083

561,177

NET CURRENT ASSETS

1,947,433

1,857,380

TOTAL ASSETS LESS CURRENT LIABILITIES

2,390,761

2,236,611

CREDITORS

Amounts falling due after more than one year

8

(20,833

)

(250,000

)

PROVISIONS FOR LIABILITIES

(48,337

)

(50,705

)

NET ASSETS

2,321,591

1,935,906

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

2,321,589

1,935,904

SHAREHOLDERS' FUNDS

2,321,591

1,935,906

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 profit or loss 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by:

Mr S Parkin - Director

1.	STATUTORY INFORMATION

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover from the sale of automotive parts is recognised when significant risks and rewards of ownership of the goods have transferred over to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

5% on cost

Plant and machinery

-

20% on reducing balance

Fixtures, fittings & equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

10,000

AMORTISATION

At 1 April 2022

and 31 March 2023

10,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

Plant and

fittings

Motor

improvements

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2022

58,979

190,726

157,835

244,654

652,194

Additions

21,186

22,145

10,701

130,500

184,532

Disposals

-

-

-

(32,845

)

(32,845

)

At 31 March 2023

80,165

212,871

168,536

342,309

803,881

DEPRECIATION

At 1 April 2022

17,938

109,070

85,130

60,825

272,963

Charge for year

3,365

18,233

18,176

57,932

97,706

Eliminated on disposal

-

-

-

(10,116

)

(10,116

)

At 31 March 2023

21,303

127,303

103,306

108,641

360,553

NET BOOK VALUE

At 31 March 2023

58,862

85,568

65,230

233,668

443,328

At 31 March 2022

41,041

81,656

72,705

183,829

379,231

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

233

6,215

Other debtors

563,531

634,264

Directors' current accounts

4,082

-

Prepayments and accrued income

43,208

51,875

611,054

692,354

Amounts falling due after more than one year:

Other debtors 1-2 years

33,120

33,120

Other debtors 2-5 years

11,040

27,600

44,160

60,720

Aggregate amounts

655,214

753,074

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

250,000

250,000

Trade creditors

238,112

175,338

Corporation tax

143,196

23,402

VAT

12,646

12,345

Other creditors

170,929

96,365

Directors' current accounts

-

1,727

Accrued expenses

2,200

2,000

817,083

561,177

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

20,833

250,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

47,525

57,577

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary Class A

£1

1

1

1

Ordinary Class B

£1

1

1

2

2

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr S Parkin

Balance outstanding at start of year

(1,727

)

79,750

Amounts advanced

31,398

-

Amounts repaid

(25,589

)

(81,477

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,082

(1,727

)

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Parkin Holdings Limited

The parent company's registered office address is;

Unit 1 Carbon Court

Springvale Road

Park Springs

Barnsley

S72 7FF