Parallel Lines - The Advisor Collective Ltd Filleted accounts for Companies House (small and micro)

PARALLEL LINES - THE ADVISOR COLLECTIVE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12596837

Parallel Lines - The Advisor Collective Ltd

Filleted Unaudited Financial Statements

31 May 2023

Parallel Lines - The Advisor Collective Ltd

Balance Sheet

31 May 2023

	2023	2022
Note	£	£

Current assets

Debtors	5	4,614	6
Cash at bank and in hand		152,091	19,240
		---------	--------
		156,705	19,246

Creditors: amounts falling due within one year	6	73,750	4,574
		---------	--------
Net current assets		82,955	14,672
		--------	--------
Total assets less current liabilities		82,955	14,672

Creditors: amounts falling due after more than one year	7	57,994	–
		--------	--------
Net assets		24,961	14,672
		--------	--------

Capital and reserves

Called up share capital	14,506	6
Profit and loss account	10,455	14,666
	--------	--------
Shareholders funds	24,961	14,672
	--------	--------

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 (including profit and loss account) has not been delivered.

For the year ending 31 May 2023 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 .

Parallel Lines - The Advisor Collective Ltd

Balance Sheet (continued)

31 May 2023

These financial statements were approved by the board of directors and authorised for issue on 9 September 2023 , and are signed on behalf of the board by:

Mr C Masters

Director

Company registration number: 12596837

Parallel Lines - The Advisor Collective Ltd

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o DED Accountancy Services Ltd, Cors Afanen, Eryrys Road, Mynydd Du, Denbighshire, CH7 4BR.

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.

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. There are no material judgements, estimates or assumptions.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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 are 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 (2022: Nil).

5. Debtors

	2023	2022
	£	£
Other debtors	4,614	6
	-------	----

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	2,714	1,319
Amounts owed to group undertakings and undertakings in which the company has a participating interest	20,812	812
Corporation tax	–	1,723
Social security and other taxes	4,186	–
Other creditors	46,038	720
	--------	-------
	73,750	4,574
	--------	-------

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	57,994	–
	--------	----

8. Related party transactions

During the period the company received £12,000 of consultancy income from Talking Finances Ltd and £12,000 from Waymark Financial Ltd, both companies under common control. Also during the year the company paid commission of £379,774 to Talking Finances Ltd and £311,202 to Waymark Financial Ltd. As at 31 May 2023 £14,896 (2022 £nil) commission was owed to Talking Finances Ltd and £24,564 (2022 £nil) to Waymark Financial Ltd, and both amounts were paid to these companies during June 2023. Also during the year, loans of £29,000 were advanced to the company by Talking Finances Ltd and Waymark Financial Ltd. As at 31 May 2023, £57,994 (2022 £nil) is outstanding in respect of these loans and the directors to not expect to repay them before 31 May 2024. Waymark Financial Ltd also advanced a second loan of £20,000, which is still outstanding and the directors expect to repay this loan before 31 May 2024.